. a. Peter, who is 23 years old, intends to make monthly contributions of $200 into a tax-deferred retirement plan until he retires. The plan earns interest at an 9% annual rate, compounded monthly. What will be the future value of Peter's retirement plan at age 65? Write your answer in sentence form. Include a copy of the template used to support your conclusion.

b. Peter's friend Paul waits until age 35 to begin contributing to his retirement plan. He contributes $250 a month into his retirement account that also pays interest at 9% a year compounded monthly . What will be the future value of Paul's retirement plan at age 65? Write your answer in sentence form. Include a copy of the template used to support your conclusion.

c. How much more will Peter have in his retirement plan at age 65 than Paul will have? What is the basic economic lesson to be learned from these calculations?