Question HOW MUCH YOU NEED TO SAVE PER MONTH TO HAVE 1 MILLION AT RETIREMENT (6% RETURN RATE) 6 points According to the chart, if you wait to begin retirement saving until age 45, how much do you need to save each month to reach $1 million at a 6% return rate? $16000 $14,261 $14000 Type your answer... $12000 $10000 MONTHLY SAVINGS TO GET TO SIM 10 $8000 AKO SIL $6071 8 points According to the chart, how much more do you need to save per month if you wait to start saving at age 30 instead of age 20? $6000 $4000 $3421 $2153 Type your answer... $2000 $1435 $990 $360 $500 $700 20 25 55 60 30 35 40 45 50 AGE WHEN YOU BEGIN SAVING 11 10 points You can see that the earlier you start saving, the better, even if you cannot save much. Compound interest follows an exponential growth model. Why might some 20-year-olds have difficulty saving $360 per month? U IX ili o x x TIL 12pt Paragraph