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State: California Academic Goals: Get a Bachelor's Degree and have a stable career Job: Registred Nurse Mean Annual Wage: $113, 340 Bank: Bank of Honolulu Average Mutual Fund Returns: 11%

Scenario 1 Suppose a 25 year old starting their career starts saving for retirement and begins depositing 10% of their mean annual wage each month into a long-term savings account without withdrawing any money until their retirement at age 67.

Scenario 2 Suppose a 25 year old waits 5 years before starting to save for their retirement and at age 30 and begins depositing 10% of their mean annual wage each month into a long-term savings account without withdrawing any money until their retirement at age 67.

Scenario 3 Suppose a 25 year old waits 10 years before starting to save for their retirement and at age 35 and begins depositing 10% of their mean annual wage each month into a into a long-term savings account without withdrawing any money until their retirement at age 67.

Questions

	Description	Scenario1 25 year old	Scenario2 30 year old	Scenario3 35 year old
1	Mean Annual Wage (YEARLY income)
2	What is your MONTHLY income? Round your answer to the nearest cent (two decimal places).
3	What is 10% of your MONTHLY income. This number represents M, the monthly savings/investment deposit amount. Round your answer to the nearest cent (two decimal places).
4	What was the highest of the three Mutual Fund Annual Returns (%) you chose? Write your answer as a decimal, not a percent.
	Length of Savings in years. This number represents t, number of years investment will be active (time). This figure is calculated automatically for you, do not alter this entry.	42	37	32
5	In EACH scenario, how many total MONTHLY payments would be made?
	What is the Intial Investment into the savings account? This figure is calculated automatically for you, do not alter this entry.	$0.00	$0.00	$0.00
	Accumulated long-term savings for EACH scenario. This number represents A, the amount accumulated (future value). This figure is calculated automatically for you, do not alter this entry.	$0.00	$0.00	$0.00
Comparing Scenario 1 and Scenario 2
	Description
6	How much more money does the 25 year old save compared to the 30 year old?
	If the 30 year old wanted to save as much as the 25 year old when they retire at 67 years old, how much would they need to deposit each month? This figure is calculated automatically for you, do not alter this entry.	#DIV/0!
7	If the 30 year old wanted to save as much as the 25 year old when they retire at 67 years old, what percent of their expected monthly income would they need to deposit each month?
Comparing Scenario 1 and Scenario 3
	Description
8	How much more money does the 25 year old save compared to the 35 year old?
	If the 35 year old wanted to save as much as the 25 year old when they retire at 67 years old, how much would they need to deposit each month? This figure is calculated automatically for you, do not alter this entry.	#DIV/0!
9	If the 35 year old wanted to save as much as the 25 year old when they retire at 67 years old, what percent of their expected monthly income would they need to deposit each month?