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please show all calculation for part b using a graphing calculator. number each part using (N=, I%=, PV=, PMT=, FV=) A couple will retire in
please show all calculation for part b using a graphing calculator. number each part using (N=, I%=, PV=, PMT=, FV=)
A couple will retire in 50 years; they plan to spend about $40,000 a year (in current dollars) in retirement, which should last about 25 years. They belleve that they can earn a real interest rate of 7% on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $70,000 on their child's college education? Note: Do not round intermediate calculations. Round your answer to 2 decimal places Step by Step Solution
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