How much money will they have accumulated 30 years from now


A couple thinking about retirement decide to put aside $2,600 each year in a savings plan that earns 9% interest. In 15 years they will receive a gift of $24,000 that also can be invested.

a. How much money will they have accumulated 30 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 $760,000 of savings, how much extra do they need to save every year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Additional annual savings needed $

Request for Solution File

Ask an Expert for Answer!!
Financial Management: How much money will they have accumulated 30 years from now
Reference No:- TGS02726248

Expected delivery within 24 Hours