Question# $7$

A $20-$year$-$old student wants to start saving for retirement. She plans to save $$30$ a day.

Every day, she puts $$30$ in her drawer. At the end of the year, she invests the accumulated

savings $($$$10,950)$ in an online stock account. The stock account has an expected annual

return of $12\%.$

How much money will she have when she is $65$ years old?

If you wait until you are $40-$years$-$old to begin saving, and stick to the plan, how much

money would you have when you retire at age $65?$

How much must the $40-$year old deposit annually to match the $20-$year old's retirement

fund balance?

Solve and explain