$1)$ At the age of $18,$ Andy makes a lump$-$sum investment of $$22,000$ in an account that compounds interest quarterly

until he retires at the age shown in the tables below. Fill in the blanks showing how much will be in his account when

he retires. Round answers to nearest hundred dollars and be sure to include the dollar sign in your answers.

To ensure you are on the right track, the answer to $65$ years old and $6\mathrm{.}5\%$ interest is $$455,541\mathrm{.}24$ which, to the nearest

hundred dollars, rounds to $$455,500.$ Try it$,$ and make sure you get the same answer! $(8$ pts$)$

Retirement age $6\mathrm{.}50\%7\mathrm{.}50\%8\mathrm{.}00\%$

$65$ yrs old $$455,500$

$67$ yrs old

$69$ yrs old

$2)$ Repeat part $1)$ for retirement at $67$ yrs old if interest is compounded monthly. $(3$ pts$)$

Retirement age $6\mathrm{.}50\%7\mathrm{.}50\%8\mathrm{.}00\%$

$67$ yrs old

$3)$ Write a few sentences on what you think about all of this. Say something more sophisticated than, $$The longer Andy saves and the

higher the interest rate, the more money he has.$$ Include some observations about the various numbers involved in the tables and their

relationships to each other. Also include something about the impact in society.Andy's Retirement Fund

Name$($s$)$:

$($oL$)14$ pts

At the age of $18,$ Andy makes a lump$-$sum investment of $$22,000$ in an account that compounds interest quarterly

until he retires at the age shown in the tables below. Fill in the blanks showing how much will be in his account when

he retires. Round answers to nearest hundred dollars and be sure to include the dollar sign in your answers.

To ensure you are on the right track, the answer to $65$ years old and $6\mathrm{.}5\%$ interest is $$455,541\mathrm{.}24$ which, to the nearest

hundred dollars, rounds to $$455,500.$ Try it$,$ and make sure you get the same answer! $(8$ pts$)$

Repeat part $1)$ for retirement at $67$ yrs old if interest is compounded monthly. $(3$ pts$)$

Write a few sentences on what you think about all of this. Say something more sophisticated than, "The longer Andy saves and the

higher the interest rate, the more money he has." Include some observations about the various numbers involved in the tables and their

relationships to each other. Also include something about the impact in society. $(3$ pts$)$