Question: You have just made your first $ 1 , 0 0 0 contribution to your retirement account. Assume you earn an 8 percent annual rate

You have just made your first $1,000 contribution to your retirement account.
Assume you earn an 8 percent annual rate of return and make no additional
contributions.
Required:
(a)What will your account be worth when you retire in 25 years?
6,848.48
(b)What will your account be worth if you wait 6 years before contributing?
You have just made your first $1,000 contribution to your retirement

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