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A couple thinking about retirement decide to put aside $4,000-(Answered)

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Question

A couple thinking about retirement decide to put aside $4,000 each year in a savings plan that earns 7% interest. In 10 years they will receive?a gift?of $20,000 that also can be invested.


a.

How much?money?will they have accumulated 30 years from now??(Do not roundintermediate calculations. Round your answer to 2 decimal places.)

I got $417,186.17 for accumulated saving.

??Accumulated savings $???


b.

If their goal is to retire with $900,000 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 savings $??per year??

For additional saving $5111.26 per year.

What am I doing wrong?

 

Paper#9255792 | Written in 27-Jul-2016

Price : $16
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