Question: Analyze the truth of this statement, assuming you are 20 years old: For every five years that you wait to start accumulating money for your

Analyze the truth of this statement, assuming you are 20 years old: "For every five years that you wait to start accumulating money for your retirement, it takes twice as much savings per year to catch up." Base your analysis on the target of having $1,000,000 when you retire at age 60. Be sure to state your assumptions.

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