Alexs mother is planning to invest $5,000 at the end of each year in an account earning 9% per year for retirement. A fixed interest rate of 8% per year.

(i) If she puts the $5,000 in an account at age 40, and withdraw it 20 years later, how much will she have in todays value?

(ii) If she waits 5 years before making the deposit, so that it stays in the account for only 15 years, how much will she have at the end in todays value?

(iii) Comment on the positions shown by your calculations.