Compound interest is a very powerful way to save for your retirement. Saving a little and giving it time to grow is often more effective than saving a lot over a short period of time. To illustrate this, suppose your goal is to save $$1$ million by the age of $69.$ What amount of money will be saved by socking away $$1,887$ per year starting at age $20$ with an $8\%$ annual interest rate. Will you achieve your goal using the long$-$term savings plan? What amount of money will be saved by socking away $$16,423$ per year starting at age $46$ at the same interest rate? Will you achieve your goal using the short$-$term savings plan?

Click the icon to view the interest and annuity table for discrete compounding when $i=8\%$ per year.

The future equivalent of the long$-$term savings plan is & $($Round to the nearest dollar.$)$