Bill and Linda are both 21 years old today.

·      Both want to retire at age 65.

·      Bill contributes $2,000 per year (at the end of each year) for 6 years to his RRSP.

·      Linda waits 6 years then contributes $2,000 per year (at the end of each year) for 38 years to her RRSP.

 Assuming they can earn an interest rate of 12% compounded annually, how much will each have at age 65?