Question: 4 - 9 3 . Suppose you start saving for retirement when you are 4 5 years old. You invest $ 5 , 0 0

4-93. Suppose you start saving for retirement when you
are 45 years old. You invest $5,000 the first year and
increase this amount by 3% each year to match inflation
for a total of 20 years. The interest rate is 10% per year.
How much money will you have saved when you are 65
years old? (4.12)
4-93. Suppose you start saving for retirement when you are 45

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