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2. Retirement Planning with gift A couple thinking about retirement decide to put aside $19,500 each year in a savings plan that earns 5.20% interest.
2. Retirement Planning with gift
A couple thinking about retirement decide to put aside $19,500 each year in a savings plan that earns 5.20% interest. In 5 years they will receive a gift of $193,000 that also can be invested. a. How much money will they have accumulated 26 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. If their goal is to retire with $1,735,621 of savings, how much extra do they need to save every year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Step by Step Solution
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