A couple thinking about retirement decide to put aside $2,100 each year in a savings plan that earns 7% interest. In 10 years they will receive a gift of $29,000 that also can be invested.
a. How much money will they have accumulated 30 years from now?
Accumulated savings=
b. If their goal is to retire with $710,000 of savings, how much extra do they need to save every year?
Additional annual savings needed