[Q8] Suppose that you plan to work full time from age 22 until you retire at 70 and that you can earn 7% on your retirement savings account. Let's consider three approaches:

Approach 1. Early bird: You have $3,000 a year for the first 15 years of your working life and then let your savings accumulate interest until you retire.

Approach 2. Late bloomer: After not saving for the first 15 years, you save $3,000 a year for the next 33 years until you retire.

Approach 3. The disciplinary: You save $3,000 each year for 48 years, ever since you are hired until you retire.

How much will you have prepared for your retirement when you have reached the age of 70 with Approach 1, 2, and 3? Compare.