Question: Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 64 and puts $9,500 into an account

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 64 and puts $9,500 into an account earning 9% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 64.

Person	Age	Initial Investment	Accumulated Investment by Retirement (age 64)
Alec	54	$9,500
Daniel	44	9,500
William	34	9,500
Stephen	24	9,500

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