In this question we are going to look at how small differences in your saving and spending practices can have big effects on your future financial circumstances. After paying all of your yearly rent/mortgage payments as well as other living costs like food and electricity, you have $2000 left over. You have the option of spending or saving this money or a combination of both. You are 21 today and you plan to retire when you are 65. If you put money in your savings account you will receive 5% per year compounded yearly. Make a diagram that shows how much you have in savings in each of the following cases: A. You spend $1500 and save $500 B. You spend $1000 and save $1000 C. You spend $500 and save $1500 D. You spend $0 and save $2000 Graph all situations on one graph. Assume that the amount of money you have after your living costs is constant at $2000 throughout your working life.

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