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 $