Assuming you graduate at the age of 22 and earn an after-tax return of 7 percent per year from KiwiSaver contributions, what will your account be worth when you retire in at 65 in the following two independent scenarios?

1) You make your first $5,000 contribution (assuming no additional contribution) to your KiwiSaver at the age of 22. (10 marks)

2) You make your first $6,500 contribution (assuming no additional contribution) to your KiwiSaver at the age of 27. (10 marks)