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Peter and Blair recently reviewed their future retirement income and expense projections. They hope to retire in
33 years and anticipate they will need funding for an additional
24 years. They determined that they would have a retirement income of
$61,000 in today's dollars, but they would actually need
$86,551 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 7 percent.
Part 1
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 7 percent is $??????????? (Round to the nearest cent.)
