ACCOUNTING-A couple will retire in 40 years; they plan to spend
A couple will retire in 40 years; they plan to spend about $25,000 a year in investment, which should last about 20 years. They believe that they can earn 8% interest on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year.
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