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Assume that you are 2 0 years old but decide to wait before saving for retirement. You decide to start saving later when you are

Assume that you are 20 years old but decide to wait before saving for retirement. You decide to start saving later when you are 45 years old. As a result, you start saving on January 1,2047. You plan to retire on December 31,2071, when you are 70 years old. There are 25 years from the time you started investing (saving) until you retire. When you start investing in 2047, you have no previous or other retirement savings. Assume there are 365 days and 52 weeks in each year from 2047 to 2071.(Ignore leap years). Assume that taxes will not affect any of the amounts or your savings.
You invest $400 at the end of each month into a retirement account paying 7% compounded monthly for 14 years starting on January 1,2047. After 14 years, you do not make any more payments or withdrawals and leave the money in the retirement account until retirement. Show all work and answer the following questions:
1. Assuming no withdrawals or additional payments were made, how much money will be in your retirement account after 14 years?
2. After 14 years, how many years are left until you retire?
3. Assuming you made all the monthly payments for 14 years and left the money in the account without making any additional payments or withdrawals, how much money will be in your retirement account when you retire after 25 years?
4. Assuming you made all the monthly payments for 14 years and left the money in the account without making any additional payments or withdrawals, how much did you pay into your retirement account over the 25 years?
5. Assuming you made all the monthly payments for 14 years and left the money in the account without making any additional payments or withdrawals, how much interest did you earn over the 25 years?

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