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How much will have to save each year of years

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Problem 1: Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with retirement income of $250,000 per year for 25 years. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $340,000. Third, after he passes on at the end of the 25 years of withdrawals in retirement, he would like to leave an inheritance of $1.5 million to his nephew, Frodo. He can afford to save $30,000 per year for the next 10 years. If he can earn 10 % per year, how much will he have to save each year of years 11 through 30?

Reference no: EM133001806

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