Procrastination can have significant financial implications, especially when it comes to saving for retirement. Consider this scenario:Imagine you begin making $$6,000$ annual contributions to your retirement fund starting at age $25$ and earn an $8\%$ return on investment. If you plan to retire by age $60,$ by the time you retire, you'll have accumulated a substantial sum F$\mathrm{.}1)$Calculate the accumulated amount F$\mathrm{.}2)$Now$,$ if you have the goal of saving the same amount by the time of retirement, how much would be the required annual contributions if you start saving:a$)$ At age $30$ and retire at age $60?$b$)$ At age $35$ and retire at age $60?$c$)$ At age $40$ and retire at age $60?$

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To calculate the accumulated amount F at retirement age 60 we can use the formula for compound inter... View the full answer