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Retirement Planning with gift A couple thinking about retirement decide to put aside $ 2 8 , 0 0 0 each year in a savings

Retirement Planning with gift
A couple thinking about retirement decide to put aside $28,000 each year in a savings plan that earns 12.00% interest. In 8 years they will receive a gift of $80,500 that also can be invested.
a.
How much money will they have accumulated 34 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Accumulated savings $
b.
If their goal is to retire with $12,411,313 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 $
per year

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