2. Now, let us look at putting your money into an account where you can earn a higher rate of return than what you would earn in a Bank of America regular savings account.

What is your age today? At the end of each year, starting December 31, 2016, you put $3,000 in an investment account earning 8% per year and you continue making $3,000 contributions every year until you reach age 70. How much will you have in your retirement account?

How much will you have in your account if you start your contributions at the end of 2017, instead of the end of 2016? (Pretend that today is January 1, 2016, instead of April 1, so that your calculations are based on entire years, and not partial years.)