Future retirement income and expense projections

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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in 29 years and anticipate they will need funding for an additional 21 years. They determined that they would have a retirement income of ?$62304 in? today's dollars, but they would actually need ?$45000 in retirement income to meet all of their objectives. Calculate the total amount that Peter and Blair must save if they wish to completely fund their income? shortfall, assuming a 2 percent inflation rate and a return of 8 percent.

The total amount that Peter and Blair must save if they wish to completely fund their income? shortfall, assuming a 2 percent inflation rate and a return of 11 percent is ?$______________

Reference no: EM131972616

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