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A couple thinking about retirement decide to put aside $ 1 9 , 0 0 0 each year in a savings plan that earns 1

A couple thinking about retirement decide to put aside $19,000 each year in a savings plan that earns 12.20% interest. In 9 years they will receive a gift of $141,500 that also can be invested.

a.
How much money will they have accumulated 23 years from now?
b.
If their goal is to retire with $2,765,300 of savings, how much extra do they need to save every year?




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