A couple thinking about retirement decide to put aside 2600, Ask an Expert

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A couple thinking about retirement decide to put aside $2,600 each year in a savings plan that earns 9% interest. In 15 years they will receive a gift of $24,000 that also can be invested.

a. How much money will they have accumulated 30 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 $760,000 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 annual savings needed $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92769432

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