are 68 years old There are 45 years from the time you

Last updated: 4/17/2023

are 68 years old There are 45 years from the time you started investing saving until you retire You have no previous or other retirement savings when you start to save Assume there are 365 days and 52 weeks in each year from 2023 to 2067 Ignore leap years Assume that taxes will not affect any of the amounts or your savings You invest 75 at the end of each week into a retirement account paying 7 5 compounded weekly from January 1 2023 until you retire Show all work and answer the following questions 1 Assuming no withdrawals or additional payments were made how much money will be in your retirement account after 45 years 2 Assuming you made all the weekly payments for45 years how much did you pay into your retirement account 3 Assuming you made all the weekly payments for 45 years how much interest did you earn over the 45 years Enter the amounts from this strategy in Row 1 of the Comparison Table in Activity 3 of the Project STRATEGY 1 SAVING LATER PLAN Assume that you are 23 years old but decide to wait before saving for retirement You decide to start saving later when you are 42 years old As a result you start saving on January 1 2042 You plan to retire on December 31 2067 when you are 68 years old There are 26 years from the time you started investing saving until you retire When you start investing in 2042 you have no previous or other retirement savings Assume there are 365 days and 52 weeks in each year from 2042 to 2067 Ignore leap years Assume that faxes will not affect any of the amounts or your savings You invest 75 at the end of each week into a retirement account paying 7 5 compounded weekly from January 1 2042 until you retire Show all work and answer the following questions 1 Assuming no withdrawals or additional payments were made how much money will be in your retirement account after 26 years 2 Assuming you made all the weekly payments for 26 years how much did you pay into your retirement account