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

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 $9,500 into an account earning 9% compounded annually. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Required: Calculate how much each person will have accumulated by the age of 64. Person Age Initial Investment Alec 54 $ 9,500 Daniel 44 9,500 William 34 9,500 Stephen 24 9,500 Accumulated Investment by Retirement (age 64)

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