Problem $7-02$

A self$-$employed person deposits $$3,000$ annually $in$ a retirement account $(called$ a Keogh $orH.R.10$ plan$)$ that earns $8$ percent. Use Appendix A and Appendix $Cto$ answer the questions. Round your answers $to$ the nearest dollar.

How much will $bein$ the account when the individual retires $at$ the age $of65if$ the savings program starts when the person $is$ age $50?$

$

How much additional money will $bein$ the account $if$ the saver defers retirement until age $70$ and continues the contributions?

$

How much additional money will $bein$ the account $if$ the saver discontinues the contributions $at$ age $65$ but does not retire until age $70?$

$