How much extra do they need to save every year

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Reference no: EM132033415

A couple thinking about retirement decide to put aside $2,100 each year in a savings plan that earns 7% interest. In 10 years they will receive a gift of $29,000 that also can be invested.

a. How much money will they have accumulated 30 years from now?

Accumulated savings=

b. If their goal is to retire with $710,000 of savings, how much extra do they need to save every year?

Additional annual savings needed

Reference no: EM132033415

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