A 20-year-old student wants to save for her retirement. At the end of each year, she invests $3,000 in a brokerage account with an expected annual return of 12%. How much money will she have when she is 60 years old (40 annual payments)?

A 25-year-old student invests $1,500 at the end of each year in a brokerage account with an expected annual return of 9%. How much must a 40-year old deposit annually to catch the 25-year old so both of them will have the same amount of money at the age of 60?