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A couple thinking about retirement decide to put aside $21,000 each year in a savings plan that earns 5.20% interest. In 6 years they will receive a gift of $72,000 that also can be invested.

a. How much money will they have accumulated 24 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 $1,474,276 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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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92076918

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