You think you will need to have saved $634,000 by the time you retire in 30 years to be able to live comfortably. He also believes that he will inherit $119,000 in 5 years. (Do not leave cells blank; be sure to enter "0" where necessary. Do not round intermediate calculations. Round your answers to 2 decimal places.)

If the interest rate is 7% per year, what is the future value of your inheritance at retirement?

future value

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How much should you save each year to reach your retirement goal? (Assume you save all of his inheritance. This is the amount needed in addition to the inheritance.)

required annual savings

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