Question: A couple thinking about retirement decide to put aside $3,000 each year in a savings plan that earns 8% interest. In 5 years they will

A couple thinking about retirement decide to put aside $3,000 each year in a savings plan that earns 8% interest. In 5 years they will receive a gift of $10,000 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 $800,000 of savings, how much extra do they need to save every year?

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