Exercise $5-3($Algo$)$ Future value; single amount $($LO $5-2)$

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age $70$ and puts $$10,500$ into an account earning $8\%$ 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 $70.$

$\backslash$table$[[$Person$,\backslash$table$[[$Age$],[60]],\backslash$table$[[$Initial$],[$Investment$]],\backslash$table$[[$Accumulated Investment$],[$by Retirement $($age $70)]]],[$Alec$,$$$,10,500,],[$Daniel$,50,,10,500,1],[$William$,40,,10,500,11],[$Stephen$,30,,10,500,1]]$