Eric and Avery are both 22 years old and want to save for their retirement. Eric started

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Question:

Eric and Avery are both 22 years old and want to save for their retirement. Eric started at age 22 by contributing $200 per month in an account earning 7% compounded annually for 20 years and then stopped. The account continued to earn 7% annually until age 65. Avery waited until he was 32 to begin investing and then contributed $300 per month for the next 33 years (when he turned 65). Avery also earned 7% compounded annually.

a. How much did Eric have at 65?

b. How much did Avery have?

c. How much did Eric contribute to his account?

d. How much did Avery contribute to his account?