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Please use specific formula to answer this question. STORY (very similar to what was shown in class): YOU and your BEST FRIEND just graduated from

Please use specific formula to answer this question.image text in transcribed

STORY (very similar to what was shown in class): YOU and your BEST FRIEND just graduated from college. You both went to the same college and majored in the same field. You both started working at age 22 in the same workplace. Each of you decided upon a different course of action for your respective retirement plans. Assuming each plan earned 14% and both of you decided to retire at age 50, calculate the earnings each plan generated. Upon the advice of your Personal Finance professor (hint, hint), YOU began immediately putting $6,000 per year in an individual retirement account (IRA) and $19,000 per year in a 401K. You contributed for a total of 12 years. After 12 years, you made no further contributions into the account. Your BEST friend, did not contribute to their retirement accounts until they turned 30. even though you both worked in the same place and received the same plans. They had planned to simply invest $6000 and $19,000 each year for the remaining years until they retired at age 50. 15. How much did You contribute OUT of pocket in total into your plan? Answer: 16. How much did your BEST FRIEND contribute OUT of pocket in total into their plan? Answer: 17. How much did You accumulate in Your retirement account with interest? 18. How much did your BEST FRIEND accumulate in their retirement account with interest

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