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Sami tumed 30 today and wishes to retire after 35 years when he fums 65 . When he retires, he will be needing a monthly pension of 7000$ for 25 years. Sami also wishes to buy a car for a cost of $60,000 at year 45 . How much should he save monthly during the first 35 years to be able to meet his objectives? Assume an APR of 6% compounded monthly before retirement and an APR of 9% compounded monthly after retirement.

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The problem entails determining the monthly savings needed for Sami to retire comfortably and purchase a car, incorporating the principles of time value of money and compound interest.

The scenario involves calculating how much Sami should save monthly for retirement and a future car purchase, given certain financial assumptions. It requires an understanding of the time value of money, compound interest, and retirement planning. Sami needs to save enough to withdraw $7,000 monthly for 25 years in retirement while also accounting for the one-time car purchase of $60,000 in year 45. The saving calculations involve determining the present value of these future expenses and solving for the monthly deposit that would grow to this value using a given APR.

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