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How much will need to save each year

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A couple will retire in 20 years; they plan to spend about $30 000 per year in retirement, which should last about 15 years. They believe that they can earn 8% interest on retirement savings.

Problem 1: If they make annual payments into a savings plan, how much will they need to save each year, if the couple realize that in 5 years they will need to spend $40 000 on their child's college education?

Reference no: EM132817694

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