Problem $7-02$

A self$-$employed person deposits $$2,000$ annually in a retirement account $($called a Keogh or H$.$R$.10$ plan$)$ that earns $7$ percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar.

a$.$ How much will be in the account when the individual retires at the age of $65$ if the savings program starts when the person is age $50?$

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b$.$ How much additional money will be in the account if the saver defers retirement until age $75$ and continues the contributions?

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c$.$ How much additional money will be in the account if the saver discontinues the contributions at age $65$ but does not retire until age $75?$