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Bruce Wayne, AKA Batman, wants to save money to meet three goals. First, Bruce would...

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Finance

Bruce Wayne, AKA Batman, wants to save money to meet three goals. First, Bruce would like to be able to retire 20 years from now with retirement income of $30,000/month for 25 years, with the first payment received 20 years and 1 month from now. Second, he would like to make some upgrades to the Batcave in 8 years at an estimated cost of $1,500,000. This amount will be paid via a withdrawal from his savings account at that time. Third, Bruce would like to leave an inheritance of $3,000,000 to Robin at his death, which we will assume takes place at the end of the 25 years of withdrawals. Bruce currently has $1,000,000 in savings. Current income from Wayne Enterprises, net of expenditures including crime-fighting costs in his moonlighting gig as the Caped Crusader, allows Bruce to save an additional $6,000/month for the next 10 years. If Bruce earns a constant EAR of 6 percent on his savings deposits, how much will he have to save each month in Years 11 through 20 in order to meet his retirement goals?

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