How much could you save for retirement if you chose to invest the money you spend on Starbucks coffee in one year? Assume you buy one venti cup of caffe latte for $5.25 each weekday for 50 weeks and can invest the total amount in a mutual fund earning 5% compounded annually for 30 years. (Use the Table 12.1 provided.) (Round your answer to two decimal places.)

Amount saved for retirement

TABLE 12.1 Future value of $1 at compound interest Period 2% 3% 4% 5% 6% 7% 8% 9% 10% 1% 1.0100 12% 1.0150 1 1.0200 1.0300 1.0400 1.0600 1.0700 1.0900 1.1000 1.0201 1.0404 1.1449 1.1881 1.2100 N 1.0302 1.0457 1.0609 1.0927 1.08 16 1.1249 1.1236 1.1910 3 1.0303 1.0500 1.1025 1.1576 1.2155 1.2763 1.0612 1.2950 1.3310 4 1.0406 1.0614 1.0824 1.1255 1.2625 1.2250 1.3108 1.4026 1.1699 1.2167 1.0800 1.1664 1.2597 1.3605 1.4693 1.5869 1.7138 1.4641 1.4116 1.5386 1.0510 1.0773 1.1041 1.1593 1.3382 1.6105 5 6 1.0615 1.0934 1.1262 1.1941 1.2653 1.3401 1.4185 1.5007 1.6771 1.7716 7 1.0721 1.1098 1.1487 1.2299 1.3159 1.4071 1.5036 1.6058 1.8280 1.9487 00 1.0829 1.1265 1.1717 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 1.9926 2.1436 9 1.0937 1.1434 1.1951 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.17 19 2.3579 10 1.1046 1.1605 1.2190 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.3674 2.5937 1.1157 1.1780 1.2434 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.5804 2.8531 12 1.1268 1.1960 1.2682 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 2.8127 3.1384 13 1.1381 1.2135 1.2936 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.0658 3.4523 14 1.1495 1.2318 1.3195 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.3417 3.7975 15 1.1610 1.2502 1.3459 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 3.6425 4.1772 16 1.1726 1.2690 1.3728 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 3.9703 4.5950 17 1.1843 1.2880 1.4002 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 4.3276 5.0545 18 1.1961 1.3073 1.4282 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 4.7171 5.5599 19 1.2081 1.3270 1.4568 1.7535 2.1068 3.0256 3.6165 4.3157 5.1417 6.1159 2.5270 2.6533 20 1.2202 1.3469 1.4859 1.8061 2.1911 3.2071 3.8697 4.6610 5.6044 6.7275 21 1.2324 1.3671 1.5157 1.8603 2.2788 2.7860 3.3996 4.1406 5.0338 6.1088 7.4002 22 1.2447 1.3876 1.5460 1.9161 2.3699 2.9253 3.6035 4.4304 5.4365 6.6586 8.1403 23 1.4084 1.9736 2.4647 3.07 15 3.8197 4.7405 5.87 15 7.2579 8.9543 1.2572 1.2697 1.5769 1.6084 24 1.4295 2.0328 2.5633 3.2251 4.0489 5.0724 6.3412 7.9111 9.8497 25 1.2824 1.4510 1.6406 2.0938 2.6658 3.3864 4.2919 5.4274 6.8485 8.6231 10.8347 26 1.2953 1.4727 1.6734 2.1566 2.7725 3.5557 4.5494 5.8074 7.3964 9.3992 11.9182 27 1.3082 1.4948 1.7069 2.2213 2.8834 3.7335 4.8223 6.2139 7.9881 10.2451 13.1100 28 1.3213 1.5172 1.7410 2.2879 2.9987 3.9201 5.1117 6.6488 8.6271 11.1672 14.4210 29 1.3345 1.5400 1.7758 2.3566 3.1187 4.1161 5.4184 7.1143 9.3173 12.1722 15.8631 30 1.3478 1.5631 1.8114 2.4273 3.2434 4.3219 5.7435 7.6123 10.0627 13.2677 17.4494 Note: For more detailed tables, see your reference booklet the Business Math Handbook