question 5

Annuity Assignment 1. John decides that he is going to start saving for retirement at age 16. So he puts $100 in an annuity cach month until he retires at age 65. How much money will John have when he retires if the annuity is making 8%? 2. How much money did John contribute to his retirement? How much did he make in interest? 3. George decides that he is going to start saving for retirement at age 25. Now George is going to put $200 in an annuity each month until he retires at age 65. How much money will George have when he retires if the annuity is making 8%? 4. How much money did George contribute to his retirement? How much did he make in interest? 5. Fred decides that he is going to start saving for retirement at age 35. Now Fred is going to put $400 in an annuity each month until he retires at age 65. How much money will George have when he retires if the annuity is making 8%? 6. How much money did Fred contribute to his retirement? How much did he make in interest? 7. Decide which option you would choose. Write a brief explanation justifying your decision. Include the positive and negative things about each option, Annuity Assignment 1. John decides that he is going to start saving for retirement at age 16. So he puts $100 in an annuity cach month until he retires at age 65. How much money will John have when he retires if the annuity is making 8%? 2. How much money did John contribute to his retirement? How much did he make in interest? 3. George decides that he is going to start saving for retirement at age 25. Now George is going to put $200 in an annuity each month until he retires at age 65. How much money will George have when he retires if the annuity is making 8%? 4. How much money did George contribute to his retirement? How much did he make in interest? 5. Fred decides that he is going to start saving for retirement at age 35. Now Fred is going to put $400 in an annuity each month until he retires at age 65. How much money will George have when he retires if the annuity is making 8%? 6. How much money did Fred contribute to his retirement? How much did he make in interest? 7. Decide which option you would choose. Write a brief explanation justifying your decision. Include the positive and negative things about each option