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At age 25, you start work for a company and are offered two retirement options. Retirement option 1: When you retire, you will receive a
At age 25, you start work for a company and are offered two retirement options. Retirement option 1: When you retire, you will receive a lump sum of $30,000 for each year of service. Retirement option 2: When you start to work, the company deposits $15,000 into an account with an APR of 12% compounded monthly. When you retire, you get the balance of the account. At age 57, option 1 will provide a retirement benefit of what amount? $ 960000 At age 57, option 2 will provide a retirement benefit of what amount? Round your answer to the nearest whole dollar. $ 3495 x Which option is better if you retire at age 57? O retirement option 1 retirement option 2 At age 67, option 1 will provide a retirement benefit of what amount? $ 1260000 At age 67, option 2 will provide a retirement benefit of what amount? Round your answer to the nearest whole dollar. $ 2546362 x Which option is better if you retire at age 67? retirement option 1 retirement option 2
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