Question
A couple thinking about retirement decide to put aside $3,700 each year in a savings plan that earns 7% interest. In 10 years they will
A couple thinking about retirement decide to put aside $3,700 each year in a savings plan that earns 7% interest. In 10 years they will receive a gift of $17,000 that also can be invested.
a.How much money will they have accumulated 30 years from now?
b.If their goal is to retire with $870,000 of savings, how much extra do they need to save every year?
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Personal Financial Planning
Authors: Lewis J. Altfest
2nd edition
1259277186, 978-1259277184
