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Jill has a balance of $ 796,000 in her retirement savings account. She expects to retire in 12 years. She will not save any additional money until she retires, but what she has in savings now will earn 9% for the next 12 years.

Bob has a balance of $592,000 in his retirement savings and he also wants to retire 12 years from now. He plans to save money every year for the next 12 years so that he will have exactly as much money as Jill does 12 years from now.

If he earns the same rate on his savings as Jill, how much will he have to save each year for 12 years to catch up with Jill?

Round your answer to 2 decimal places, for example 1000.12.

Jill has a balance of $890,000 in her retirement savings account. She expects to retire in 8 years. She will not save any additional money until she retires, but what she has in savings now will earn 8% for the next 8 years.

Bob has a balance of $493,000 in his retirement savings and he also wants to retire 8 years from now. He plans to save money every year for the next 8 years so that he will have exactly as much money as Jill does 8 years from now.

If he earns the same rate on his savings as Jill, how much will he have to save each year for 8 years to catch up with Jill?

Round your answer to 2 decimal places, for example 1000.12.

Solution:

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