Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 67 and puts $9,900 into an account earning 8% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 67. Person Alec Daniel William Stephen Current Age 57 47 37 27 Initial Investment $ 9,900 9,900 9,900 9,900 Accumulated Investment by Retirement (age 67)

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 67 and puts $9,900 into an account earning 8% compounded annually. (FV of \$1. PV of \$1. EVA of \$1, and PVA of \$1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 67