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Retirement Planning with gift A couple thinking about retirement decide to put aside $ 1 4 , 5 0 0 each year in a savings
Retirement Planning with gift
A couple thinking about retirement decide to put aside $ each year in a savings plan that earns interest. In years they will receive a gift of $ that also can be invested.
a How much money will they have accumulated years from now? Do not round intermediate calculations. Round your answer to decimal places.
Accumulated savings
$
b If their goal is to retire with $ of savings, how much extra do they need to save every year? Do not round intermediate calculations. Round your answer to decimal places.
Additional savings
$
per year
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