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1. Assume you will retire at 67. You decide to open a retirement account that earns...

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Finance

1. Assume you will retire at 67. You decide to open a retirementaccount that earns 8% interest. You will put $125 per month intothis account starting now (age of 38 years old). How much moneywill you have in this account when you retire?

2. Assume you will retire at 67. You decide to open a retirementaccount that earns 8% interest. You put $125 per month into thisaccount starting now (38 years old), for a 10-year period. Afterthat, you stop contributing to this account, and the accountcontinues to earn 8% interest. How much money will you have at age67?

3. Assume you do not start saving now (age 38 years old), butwait for 10 years. You will retire at 67, and earn 8% on yourmonthly deposits of $150. How much will you have at 67?

4. Assume you will retire at 67. (you are currently age 38 yearsold) You decide to open a retirement account that earns 8%interest. You will put $325 per month into this account startingten years from now. How much money will you have in this accountwhen you retire?

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