Question: A couple thinking about retirement decide to put aside $ 2 7 , 0 0 0 each year in a savings plan that earns 1

A couple thinking about retirement decide to put aside $27,000 each year in a savings
plan that earns 11.20% interest. In 6 years they will receive a gift of $246,500 that also
can be invested.
a. How much money will they have accumulated 18 years from now? (Do not round
intermediate calculations. Round your answer to 2 decimal places.)
Accumulated savings
$
b. If their goal is to retire with $2,488,044 of savings, how much extra do they need to
save every year? (Do not round intermediate calculations. Round your answer to 2
decimal places.)
 A couple thinking about retirement decide to put aside $27,000 each

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