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? $ At age 57, option 2 will provide a retirement benefit of what amount? Round your answer to the nearest whole dollar. $ Which option is better if you retire at age 57?

retirement option 1retirement option 2

At age 67, option 1 will provide a retirement benefit of what amount? $ At age 67, option 2 will provide a retirement benefit of what amount? Round your answer to the nearest whole dollar. $ Which option is better if you retire at age 67?

retirement option 1retirement option 2