Assume you want to rotire earty at age 53. You plan to save using one of the following two strategies: (1) save $3.300 a year in an IRA beginning when you are 28 and ending when you are 53 (25 years) or (2) wait untl you are 38 to start saving and then save $5,500 per year for the next 15 years. Assume you witt earn the hisloric stock market averago of 12% per year (CSick the icon to view the future value annuity factor tablo.) (Cick the icon to viow the future value factor table.) (Click the icon to view the present value annuity tactor table) (Click the icen to viow the present value factor table.) Read the recuirements 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: Reference Reference Reference Reference Requirements 1. How much out-of-pocket cash will you invest under the two options? 2. How much savings will you have accumulated at age 53 under the two options? 3. Explain the results. 4. If you 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