Julio is now 25 and plans to invest $5,000 in a retirement account each year until he retires at 65.

a. If he earns 7% a year, how much will his account be worth at retirement?

b. If he invests more aggressively and earns 8% a year, how much will his account be worth at age 65?

c. If he invests, instead, in bank CDs and earns 2.5% a year on average, how much will his account be worth at retirement?