Statistics and Probability

'l 9. A population grows according to an exponential growth model, with Pa = 80 and P1 = 88 Complete the recursive formula: Write an explicit formula for P\" 13'n =| | . Suppose that you start working for a company at age 25. You are offered two rather unlikely, but quite enticing, retirement plans from which you are allowed to choose one. [Round all answers to the nearest dollar.] Retirement plan 1: When you retire, you will receive $17,000 for each year of service. Retirement plan 2: When you start work, the company deposits $2500 into a savings account that is guaranteed to pay a yearly rate of 1696. When you retire, the account will be closed and the balance given to you. A. Determine the amount you would receive under plan 1, if you retired at age 55. S B. Determine the amount you would receive under plan 1, if you retired at age 65. 5 C. Determine the amount you would receive under plan 2, if you retired at age 55. 5 D. Determine the amount you would receive under plan 2, if you retired at age 65. 5 e.Based off your answers to parts A through D, which plan should you choose if you plan to retire at age 55? Defend your choice in a meaningful sentence