Alan is 35 years old today. He wants to save an equal amount of money...
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Alan is 35 years old today. He wants to save an equal amount of money at the end of each month for the next 30 years so that he would have sufficient funds when he retires at age 65. After retirement, he wants to be able to withdraw $10,000 per month at the end of each month for 20 years and leave $500,000 to grandchildren and charity. The savings are expected to earn a return of 9 percent per year. How much should Alan save every month in order to meet his needs after retirement?
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