Question: numerical question How small savings can be big? Both Paul and Dave are 18 now and plan to retire at 65. *Paul Dave *Buy 40

numerical question How small savings can be big? Both Paul and

numerical question How small savings can be big? Both Paul and Dave are 18 now and plan to retire at 65. *Paul Dave *Buy 40 $5 lottery ticket a year *Buy a new car at $25,000 *Eat lunch at Cafeteria for $7 *Start depositing into 401(k) @30 Invest the $200 for 8% a year Buy a used car @$15,000, invest the $10,000 savings @8% Save $5 a day by bringing his own lunch Start depositing $5,000 now How many extra dollars Dave will have at age 65 from investing the $10000 savings at 8% interest rate if he buys a used car instead of a new one? Submit response

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