A couple thinking about retirement decide to put aside $9,000 each year in a savings...
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A couple thinking about retirement decide to put aside $9,000 each year in a savings plan that earns 7.25% interest annually. In 11 years they will receive a gift of $15,000 that also can be invested at the same rate of interest. How much money will they have accumulated 35 years from now? If their goal is to retire with $3,000,000 of savings, how much extra do they need to save every year?
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