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Retirement Planning with gift A couple thinking about retirement decide to put aside $10,500 each year in a savings plan that earns 5.10% interest. In
Retirement Planning with gift A couple thinking about retirement decide to put aside $10,500 each year in a savings plan that earns 5.10% interest. In 8 years they will receive a gift of $213,000 that also can be invested. a. How much money will they have accumulated 24 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Accumulated savings $ 572713.07 b. If their goal is to retire with $1,283,041 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 $ 74121.20 per year
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