How much do you have to save each of the years

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Reference no: EM132014136

Suppose that you plan to retire 25 years from now with $300,000 and a cabin at the lake. For the next 10 years you plan to save $3,000 at the end of each year. At the end of 10 years you plan to buy a cabin for $40,000.

How much do you have to save each of the years 11-25 to have $300,000 when you retire? Assume that you can earn 10% per year on your savings.

Reference no: EM132014136

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