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A couple thinking about retirement decide to put aside $13,000 each year in a savings plan that earns 8.40% interest. In 8 years they will
A couple thinking about retirement decide to put aside $13,000 each year in a savings plan that earns 8.40% interest. In 8 years they will receive a gift of $106,500 that also can be invested. |
a. | How much money will they have accumulated 19 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
Accumulated savings | $ |
b. | If their goal is to retire with $902,371 of savings, how much extra do they need to save every year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) |
Additional savings | $ per year |
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