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

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

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 Current Age Initial Investment Alec 54 $ 10,200 Daniel 44 10,200 William 34 10,200 Stephen 24 10,200 Accumulated Investment by Retirement (age 64)

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