Question: Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 64 and puts $10,200 into an account

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 64 and puts $10,200 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 64. Person Alec Daniel William Stephen Current Age 54 44 34 24 Initial Investment $ 10,200 10,200 10,200 10,200 Accumulated Investment by Retirement (age 64)

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 64 and puts $10,200 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 64

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