Assume that you are 22 years old and started saving for retirement on January 1, 2022. You

plan to retire on December 31, 2064, when you are 64 years old. There are 43 years from the

time you started investing (saving) until you retire. You have no previous or other retirement

savings when you start to save. Assume there are 365 days in each year from 2022 to 2064.

(Ignore leap years). Assume that taxes will not affect any of the amounts or your savings.

You invest $250 at the end of each month into a retirement account paying 8.75% compounded

monthly from January 1, 2022, until you retire. Show all work and answer the following

questions:

2.Assuming you made all the monthly payments for 43 years, how much did you pay into

your retirement account?