3. Reaching a financial goal Aa Aa Matt has decided to retire once he has $2,000,000 in his retirement account. At the end of each contribute $8,000 to the account, which is expected to provide a(n) 8.5% annual return. How many years will it take until he can retire? (Round to the nearest year.) year, he will 38 yeans O 37 years O 36 years O 41 years 40 years Suppose Matt's friend, Richard, has the same retirement plan, saving $8,000 at the end of each year and retiring once he hits $2,000,000. However, Richard's account is expected to provide a 10.1% annual return. How much sooner can Richard retire? (Round to the nearest year.) O 8 years O 7 years 5 years O 6 years O 4 years After 25 years, neither Matt nor Richard will have enough money to retire, but how much more will Richard's account be worth at this time? O $107,938 O $186,514 O $289,671 O $169,363 $215,877 Matt is jealous of Richard because Richard is scheduled to retire before him, so Matt decides to make whatever end-of-year contribution is necessary to reach the $2,000,000 goal at the same time as Richard. If Matt continues to earn 8.5% annual interest, what annual contributions must he make in order to retire at the same time as Richard? $8,789 O $11,320 $16,452 O $11,695 $9,873