Question: 1 4 ) You have just made your first $ 1 , 0 0 0 contribution to your retirement account. Assume you earn a return

14)You have just made your first $1,000 contribution to your retirement account. Assume you earn a return of10 percent and make no additional contributions.
a. What will your account be worth when you retire in 40 years?
Future value for starting now:
b. What will your account be worth if you wait 8 years before contributing?
Future value if waiting 8 years:
14)You have just made your first $1,000 contribution to your retirement

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