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How much extra do they need to save every year

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Reference no: EM132142198

A couple thinking about retirement decide to put aside $3,700 each year in a savings plan that earns 7% interest. In 10 years they will receive a gift of $17,000 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 $870,000 of savings, how much extra do they need to save every year?

Reference no: EM132142198

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