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A couple will retire in 50 years. they plan to spend 30,000 a year in retirement, which should last about 25 years. They believe that

A couple will retire in 50 years. they plan to spend 30,000 a year in retirement, which should last about 25 years. They believe that they can earn 8% interest on retirement saving. If they make annual payments in a savings plan, how much will they need to save each year? Suppose the first payment comes in 1 year.

Following the previous question. If they want to retire with $800,000 of savings, how much extra do they need to save every year?

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