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 68. What amount of money will be saved by socking away $4,539 per year starting at age 30 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 $13,679 per year starting at age 43 at the same interest rate? Will you achieve your goal using the short-term savings plan? .in