8. Future Value of Annuity. Twins Jacob and Jacquelyn graduated from college and started working in the family restaurant business at age 25. Each sibling developed their own plan to provide for their retirement. Both plans earned 6% and both siblings plan to retire at age 65. Jacquelyn plan was to start immediately, invest $2,000 per year for the next 40 years. Jacob plans to wait 10 years until he was 35 to open his individual retirement account. Jacob's plan is to invest $3,000 each year for the remaining 30 years until he retired at age 65. 8.a. What were Jacquelyn's out of pocket contributions to her retirement account? Work: 2000 x 40 = 80000 $80,000 5 30 $90000 I 5 31 8.b. What were Jacob's out of pocket contributions to his retirement account? Work: 3000 x 30 = 90000 32 33 8.c. How much will Jacquelyn accumulate in her retirement account in total (cash investment and returns) by the time she is 65 years old? Work: 8.d. How much will Jacob accumulate in his retirement account in total (cash investment and returns) by the time he is 65 years old? Work