You are 24years old and decide to start saving for your retirement. You plan to...
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You are 24years old and decide to start saving for your retirement. You plan to save $4,000 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 68.Suppose you earn7% per year on your retirement savings.
a. How much will you have saved for retirement? ( round to the nearest dollar)
b. How much will you have saved if you wait until age 35 to start saving (again, with your first deposit at the end of the year)? ( round to the nearest dollar)
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