Planning for retirement This supplementary activity is to help you understand how people plan for retirement. PART 1 Min at age 30 begins depositing $1000 per month into a retirement savings account with an annual interest rate of 6%. Bryn at age 40 begins depositing $1000 per month into a retirement savings account with an annual interest rate of 6%. O Min and Bryn both plan to retire at age 65. Compute the amount in their retirement accounts and determine how much more Min has because she started 10 years earlier. Use the Annuity Formula below. Annuity Formula NE PN By is the balance in the account after Nyears. dis the regula deposit (the amount you deposit each year, each month, etc.) r is the annual interest rate in decimal form. k is the number of compounding periods in one year. PART 2 What if Min only deposits $500 per month into her retirement account. How much money will she have at age 65? Will she still have more money than Bryn at age 65? PART 3 In this problem you will compare the effects of interest rate. Assume Min deposits 51000 every month into a retirement account from age 30 to age 65. How much will she have under these different interest rates: a. b. C. Annual interest rate of 3% compounded monthly Annual interest rate of 5% compounded monthly Annual interest rate of 7% compounded monthly