Assume you want to retire early at age $54.$ You plan to save using one of the following two strategies: $(1)$ save $$3,300$ a year in an IRA beginning

when you are $24$ and ending when you are $54(30$ years$)$ or $(2)$ wait until you are $42$ to start saving and then save $$8,250$ per year for the next $12$

years. Assume you will earn the historic stock market average of $14\%$ per year.

$($Click the icon to view the future value annuity factor table.$)$

$($Click the icon to view the future value factor table.$)$

$($Click the icon to view the present value annuity factor table.$)$

$($Click the icon to view the present value factor table.$)$

Read the requirements.

Requirement $1.$ How much out$-$of$-$pocket cash will you invest under the two options?

Calculate how much out$-$of$-$pocket cash you will invest under the two options.

Option $1$: