Question: Applying Time Value. A couple thinking about retirement decide to put aside $ 3 , 0 0 0 each year in a savings plan that

Applying Time Value. 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, which can also be invested.
(LO3)
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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