A 20-year-old student wants to save $5 a day for her retirement. Every day, she places $5 in a drawer. At the end of EACH year, she invests the accumulated savings in an automated account with an expected annual return of 9%, paid annually.

A) If she begins saving today; How much money will she have when she is 65? (4 points)

N = 65-20 = 45 I/YR = 9% PMT = -1825 FV = 959,692.19

B) If she did not start saving until she was 45 years old, how much would she have at 65? (4 points) N = 65-45 = 20 I/YR = 9% PMT = -1825 FV = 93,367.22

C) How much must the 45-year-old deposit monthly to catch the 20-year old? (4 points) FV = -959,692.19 N = 20 * 12(monthly) = 240 PMT = ? ---> 1436.91 I/YR = 9%

I understand the concepts but I am confused whether I use 20 or 21 since it says AT THE END OF EACH YEAR... I just need clarification on that please.