Joe and Bill are the same age and starting their careers. Each plans to retire at age 65 and each wants to have $600,000 in his RRSP account by then. If they both get seven percent annual return on their RRSP savings, which one will be closer to reaching his goal?

a.

Bill if he starts saving $1000 a month when he is 45 years old

b.

Bill if he starts saving $800 a month when he is 45 years old

c.

Joe if he starts saving $200 a month when he is 25 years old

d.

Joe if he starts saving $150 a month when he is 20 years old