Question
A couple thinking about retirement decide to put aside $4,000 each year in a savings plan that earns 7% interest. In 10 years they will
A couple thinking about retirement decide to put aside $4,000 each year in a savings plan that earns 7% interest. In 10 years they will receivea giftof $20,000 that also can be invested. |
a. | How muchmoneywill they have accumulated 30 years from now?(Do not roundintermediate calculations. Round your answer to 2 decimal places.) |
I got $417,186.17 for accumulated saving.
Accumulated savings | $ |
b. | If their goal is to retire with $900,000 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 |
For additional saving $5111.26 per year.
What am I doing wrong?
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