• Hamza and Khalifa have been best friends since high school.
• They have recently learnt about the concept of superannuation, and are now both planning their retirement early.
• Both Hamza and Khalifa would like to have $2 million at the age of 60, each, when they retire.
• Hamza plans on depositing equal annual amounts into his superannuation fund on each birthday, starting at the age of 21, and ending at the age of 60 (that includes a deposit on the 60th birthday as well).
• Khalifa, however, starts making deposits into his superannuation fund on his 30th birthday and plans to deposit equal annual amounts on each birthday until he turns 60 (that includes a deposit on the 60th birthday as well).
• If the investment funds earn 10% per year, calculate the amounts the Hamza and Khalifa respectively will have to save each year to meet their retirement goals. Comment on the difference.