Chris and Pat work for the same company and have the same retirement goal. Both will retire at age 65 and plan to withdraw $1,200 per month from their retirement account until they reach 80 years old. The companys retirement plan compounds monthly at a 4% interest rate. Pat started contributing monthly payments at age 25, whereas Chris didnt start contributing monthly payments until age 45.

Write a brief report below comparing Chris and Pats investments. Make sure to include the amount each person needs to contribute each month to reach their goal, as well as how much (as a percent) of each persons account is interest at the time of retirement. Show your calculations and make some observations about contributing towards your own retirement.