Make annual payments into a savings plan

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A couple will retire in 50 years. They plan to spend about $30,000 a year in retirement, which should last about 25 years. They believe that they can earn 8% interest on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year? Assume, the first payment comes in one year.

Reference no: EM13950797

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