A client needs assistance with retirement planning. Here are the facts:

a). The client, Dave, is 21 years old. He wants to retire at 65.

b). Dave has disposable income of $2,000 per month.

c). The IRA Dave has chosen has an average annual return of 8%.

If Dave contributes half of his disposable income to the account, what will it be worth at 65? How much would he need to contribute to have $5,000,000 at 65?