from today with a retirement income of $300,000 per year for 20 years.The first retirement
payment will occur 31 years from today. Second, he would like to purchase a cabin in the
mountains 10 years from today at an estimated cost of $350,000. He can afford to save only
$40,000 at the end of each year for the first 10 years. He expects to earn 7 percent per year
on his savings.Assuming he saves the same amount each year, what must Ian save annually at
the end of year 11 through year 30 to meet his objectives?
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