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You are able to save $2,500 from year 4 through year 10 at the beginning of each year (inclusive). You have two children who will be attending college at a cost of $15,000 per year starting in year 28 and continuing through year 35, inclusive. You will inherit $25,000 in year 25. When you retire in year 47, you will need $60,000 per year for 20 years.
If you will be able to receive 3% from now through year 30 (inclusive) and 4.5% beginning in January of year 31 and thereafter (inclusive), how much must you save from year 8 through year 46 (inclusive) to reach your needs?
Please show work by hand OR TYPED whatever easer but (NO EXCEL), having a little hard time understanding it.
Thank you very much. please do it ASAP.
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