Problem 4-20 (algorithmic) Question Help Compound interest is a very powerful way to save for your retirement. Saving a little and giving it time to grow is often more effective than saving a lot over a short period of time. To illustrate this, suppose your goal is to save $1 million by the age of 70. What amount of money will be saved by socking away $2,479 per year starting at age 28 with a 9% annual interest rate. Will you achieve your goal using the long-term savings plan? What amount of money will be saved by socking away $11,807 per year starting at age 45 at the same interest rate? Will you achieve your goal using the short-term savings plan? Click the icon to view the interest and annuity table for discrete compounding when i = 9% per year. The future equivalent of the long-term savings plan is $ (Round to the nearest dollar.)