Question: Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 62 and puts $9,600 into an account

Alec, Daniel, William, and Stephen decide today to save for retirement.

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 62 and puts $9,600 into an account earning 8% compounded annually. (FV of $1, PV of $1, FVA of $1, and (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 62

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