me Part : Retirement Savings Tony also wants to begin saving money for his retirement. He wants to open a savings account at BB&T with an interest rate of 0.06% (which is the national average for 2020). He researched to find the information below. Tony, who is now 30 years old, plans to retire at age 65. Use the following situations to calculate the answers for the questions below (round to the nearest cent): Situation 1: Tony deposits $150 faithfully every month into the account. Situation 2: Tony deposits $200 every month for the first 15 years and then just lets the account accumulate interest until retirement (assume the interest doesn't change and the account is compounded daily (use 365)) Let's look at Situation 1. 1. Determine how much money Tony would have in his savings account at the age he wants to retire. To calculate this you need to open the excel applet here. Click on the tabs at the bottom and go to the Savings tab. Do not forget to put the rate in as a decimal 50 0.06% is 0.0006. Input the information from the situation above. 2. How much interest did Tony earn by using the BB&T bank account? Now, look at Situation 2 3. Determine how much money Tony would have in his savings account at the age he wants to retire. To calculate this you need to open the excel applet here. Click on the tabs at the bottom and go to the Savings tab. Do not forget to put the rate in as a decimal SO 0.06% is 0.0006. input the information from the situation above. Use the Savings tab for the first 15 years, then use the compounded monthly tab since he is no longer putting money in on a regular basis. 4. How much interest did Tony earn by using the BB&T bank account? Check Are either of the situations BB&T offered Tony a good savings choice for Tony's retirement? Why/Why not? What would you advise him to do