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Q2. Time Value of Money Question (10 marks) is is the tale of twin brothers: Matthew and William. They celebrated their 30h hdays by attending a lecture by the famous inspirational financial planner "Max Million". However the effect that the lecture had on each of the brothers was quite different. Matthew realized that he had done nothing to save for his eventual retiremen and so he decided he should do something about the situation and immediately starte a retirement savings plan. Current projections are that he should be able to recognize an annual return of 7% on his savings. Required: Matthew will invest $5,000 per year for the next 10 years then will stop contributing. His first payment was made one year after he attended the Max Million lecture.He let his account continue to grow until he was 65. How much money will he have in his account at age 65? (4 marks) a. b. William was not quite as motivated by the Max Million lecture and waited and made his first contribution to his retirement plan on his 39h birthday. Calculate how much he must he save each year, up to the age of 65, to have the same amount of savings as his brother at age 65? (3 marks) At age 65; how much interest income did Matthew earn and how much income did lliam earn? What is the lesson to be learned

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