Question: Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 67 and puts $9,900 into an account

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 67 and puts $9,900 into an account earning 8% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (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 67. Person Current Age Initial Accumulated Investment Investment by Retirement (age 67) Alec 57 $ 9,900 Daniel 47 9,900 William 37 9,900 Stephen 27 9,900

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