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Retirement Planning with gift A couple thinking about retirement decide to put aside $ 2 7 , 0 0 0 each year in a savings

Retirement Planning with gift
A couple thinking about retirement decide to put aside $27,000 each year in a savings
plan that earns 3.50% Interest. In 6 years they will recelve a gift of $107,500 that also can
be Invested.
a. How much money will they have accumulated 33 years from now? (Do not round
Intermedlate calculations. Round your answer to 2 decimal places.)
Accumulated savings
$
b. If thelr goal is to retire with $2,242,856 of savings, how much extra do they need to
save every year? (Do not round Intermedlate calculations. Round your answer to 2
decimal places.)
Additional savings
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