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Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 60 and puts $10,000 into an account

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 60 and puts $10,000 into an account earning 9% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 60.

Person Age Initial Investment Accumulated Investment by Retirement (age 60)
Alec 50 $10,000
Daniel 40 10,000
William 30 10,000
Stephen 20 10,000

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