Question: 7. [-/2 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER We consider the effects of starting early or late to save for retirement.

7. [-/2 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER We

7. [-/2 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER We consider the effects of starting early or late to save for retirement. Assume that each account considered has an APR of 6% compounded monthly. If you begin by depositing $85 each month into an account at age 20, your nest egg if you retire at age 65 will be $234,259.37. If you start making monthly contributions at age 40 and plan to retire at age 65, your monthly contributions will be much higher in order to match this nest egg amount. Compare your monthly deposit of $85 at the age of 20 to your monthly deposit at the age of 40. This answer has not been graded yet. Compare the total amount deposited in each case, I This answer has not been graded yet. ellock

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