Assume you want to retire early at age 53. You plan to save using one of the following two strategies: (1) save $3,900 a year in an IRA beginning when you are 28 and ending when you are 53 (25 years) or (2) wait until you are 41 to start saving and then save $8,125 per year for the next 12 years. Assume you will eam 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 Option 1 $ 97,500 Option 2 $ 97,500 Requirement 2. How much savings will you have accumulated at age 53 under the two options? Calculate the total amount of savings that you will have accumulated at age 53 under the two options. (Round the savings to the nearest dollar amount) Option 1: $ 709,297 Option 2 $ 221,577 Requirement 3. Explain the results. The strategy involving earlier savings grows substantially larger over time. This is due to the fact that the savings are invested sooner so time does the work Requirement 4. If you were to let the savings continue to grow for nine more years (with no further out-of-pocket investments), under each scenario, what will the investment be worth when you are age 62? Calculate the total amount of savings at age 62, with no further out-of-pocket investments, under each scenario. (Round the savings to the nearest dollar amount) Option 1