1. A couple will retire in 34 years. They plan to spend $130,000 a year in retirement, which they expect to last 30 years. They believe they can earn 6% interest on their retirement savings. About how much must they save each year while working to reach their goal?
2. On January 31, 2018 Uncle Fester deposited $200 (part of his monthly paycheck) into a savings account that advertised an interest rate of 6% compounded monthly. Roy continued putting $200 monthly deposits into this same account until 120 such deposits had been made. At that point in time, Roy then left the money in that same account until December 31, 2068 (the day that he retired). How much was he able to withdraw from his account on the day of his retirement?