1) You believe you will need to have saved 500,000$ by the time you retire in 40 years in order to live comfortably. if the interest rate is 6% per year, how much must you save each year to meet your retirement goal?

2) You believe you will spend 40,000$ a year for 20 years once you retire in 40 years. if the interest rate is 6% per year, how much must you save each year until retirement to meet your retirement goal ?

3) a couple thinking about retirement decide to put aside 3000$ each year in a savings plan that earns 8% interest. In 5 years they will receive a gift of 10,000$ that also can be invested.

a) how much money will they have accumulated 30 years from now ?

b) if their goal is to retire with 800,000$ of savings, how much extra do they to save every year?