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How much will need to save each year

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A couple will retire in 50 years; they plan to spend about $38,000 a year in retirement, which should last about 25 years. They believe that they can earn 9% interest on retirement savings.

Question a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Question b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $68,000 on their child's college education? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM132478976

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