Couple thinking about retirement decide to put aside

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A couple thinking about retirement decide to put aside $2,300 each year in a savings plan that earns 9% interest. In 15 years they will receive a gift of $27,000 that also can be invested.

How much money will they have accumulated 30 years from now? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

If their goal is to retire with $730,000 of savings, how much extra do they need to save every year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM131047278

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Couple thinking about retirement decide to put aside : A couple thinking about retirement decide to put aside $2,300 each year in a savings plan that earns 9% interest. In 15 years they will receive a gift of $27,000 that also can be invested. How much money will they have accumulated 30 years from now?

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