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QUESTION
At the end of each year, Lindsey deposits $1,500 in a retirement account that earns 7% annually.
At the end of each year, Lindsey deposits $1,500 in a retirement account that earns 7% annually.
a) How much will be in the account when he retires at age 65 if the contributions start when he is 45 years old?
b) How much additional money will be in the account if he stops making contributions at 65 but defers retirement until 70?
c) How much additional money will be in the account if he continues making contributions and defers retirement until 70?
