Bill and Sandra Juby are now both 71 years of age and they have been retired for seven years. Their RRSPs continued to grow since Bill and Sandra were age 65 and they have not taken any withdrawals. The plans were worth $500,000 and $600,000 respectively at their age 65.

1. Assuming 5% annual compound growth, what will the value of Bill and Sandras RRSPs be at age 72? Show these amounts separately for both Bill and Sandra. Assume the values are beginning at their age 65 above and calculated to beginning age 72 so N = 7.