Part $1$: You are $25$ years old and decide to contribute the maximum allowable amount per year to

your $401k$ each year, which is $$23,000.$ If your $401k$ earns $8\%$ each year, what will your balance be

when you turn $45$ years old?

$N($period of time$)$

I $($Interest$)$

PV $($Present Value

determine Future Value $($FV$)$

FV $($Future Value$)$

amount to put into your $401k$ every year $($input as negative, you are paying into your retirement$)$

PMT $($Annuity$)$

amount of paycheck deduction if you get paid bi$-$weekly

Part $2$: Same facts as the above Part $1,$ except that you decide you will contribute $50\%$ of the

maximum allowable amount per year and target a retirement date of age $50$ years old.