Later in life, Devon convinces her friend Taylor to start saving for retirement as well. Even though Taylor is

the same age as Devon, she hasn$$t started saving for retirement yet. With only $20$ years left until they both

plan to retire, Taylor decides she needs to invest at least twice as much as Devon each month to try to catch

up to Devon$$s retirement plan. Taylor opens a similar retirement account to Devon$$s that also has an APR

$6\mathrm{.}25\%$ compounded monthly. She will invest $($b$)$ $$\_\_\_\_\_\_\_\_\_\_$ per month. Round answers to two

decimal places.

a$.$ How much money will be in Taylor$$s retirement account if she continues to make the same monthly

investment for $20$ years? $(3$ pt$)$

b$.$ By the time she retires, Taylor will have contributed how much of her own money overall? $(4$ pt$)$

c$.$ What percent of the final balance in Taylor$$s retirement account will be interest? $(4$ pt$)$

$3.$ Write complete sentences that identify which person had the higher amount and by how much. Round

answers to two decimal places.

a$.$ Who had more money in their retirement account when they planned to retire? How much more? $(4$ pt$)$

b$.$ Who contributed more to their retirement account? How much more?