Please show all work associated with the problem.

3. You are 25 years old and decide to contribute the maximum allowable amount to your 401k each year = $19,500. If your 401k earns 5% each year, what will your balance be when you turn 55 years old? To simplify assume contributions are made once a year at the end of the year. Show your work. Bonus: For #3 above, recalculate the balance at 55 assuming annual contributions are made evenly throughout the year via biweekly payroll deduction (i.e. every other week)