Jim Nasium is age 40 and plans to retire in 30 years (at age 70). He has retirement savings in a mutual fund account, which has a current balance of $40,000 (Jim does not plan to add any additional money to this account). Also, Jim opened a 401K retirement account with his new employer and will contribute $15,000 per year into his 401K until retirement.



1) If Jim's mutual fund account grows at an annual rate of 6.0% how much money will Jim have in his mutual fund account at age 70?

2) If Jim's 401K account grows at an annual rate of 6.0% per year, how much money will Jim have in his 401K account at age 70?

3) What is the total investment balance of Jim's retirement account at the age of 70?