Question
A couple thinking about retirement decide to put aside $19,500 each year in a savings plan that earns 3.60% interest. In 7 years they will
A couple thinking about retirement decide to put aside $19,500 each year in a savings plan that earns 3.60% interest. In 7 years they will receive a gift of $119,000 that also can be invested.
a. How much money will they have accumulated 18 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 $1,005,708 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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