a couple decide to put $3000 each year in a savings plan that earns 8% interest. in 5 years they will receive a gift of $10000 that also can be invested.
Q1. how much money will they have accumulated 30 years from now?
Q2. if their goal is to retire with $800000 of savings, how much extra do they need to save every year?
pls help.............urgent!!!!!!!!!!!
2006-07-02 03:08:46 · 2 answers · asked by lostreasureshop 2 in Business & Finance ➔ Investing
As stated, they will have $441,000 in 30 years.
They will have to save $6,000/yr to attain $800,000
The answer is that they will need to save an extra $3,000/yr on top of the $3,000 they are already saving to attain their goal.
2006-07-02 07:54:57 · answer #1 · answered by dredude52 6 · 0⤊ 0⤋
It cannot be answered as stated...Is it a taxable account? Is it ROTH? Is it conventional IRA?Will the $10000 be awarded EVERY 5 years? try again.
2006-07-02 10:17:29 · answer #2 · answered by -* 4 · 0⤊ 0⤋