How much must the griffins save by the time they retire

Reference no: EM133332222

Question: Laura and Fred Griffin want to retire in a few years when Laura turns 63 years of age and Fred will be 65 years of age. They want an income of $58,000 payable at the beginning of each year and they want to be able to maintain that level of income until Laura turns 90 years of age. They are willing to draw on their capital in order to meet this objective. Assuming an interest rate of 7.5% compounding annually throughout their retirement, how much must the Griffins save by the time they retire in order to achieve their goal

Reference no: EM133332222

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