Sheldon has decided to retire once he has $1,500,000 in his retirement account. At the end of each year, he will contribute $5,500 to the account, which is expected to provide an annual return of 7.6%. How many years will it take until he can retire?

32 years

42 years

41 years

35 years

39 years

Suppose Sheldons friend, Ed, has the same retirement plan, saving $5,500 at the end of each year and retiring once he hits $1,500,000. However, Eds account is expected to provide an annual return of 9.6%. How much sooner can Ed retire?

5 years

4 years

2 years

6 years

7 years

After 25 years, neither Sheldon nor Ed will have enough money to retire, but how much more will Eds account be worth at this time?

$169,363

$186,514

$130,073

$289,671

$162,869

Sheldon is jealous of Ed because Ed is scheduled to retire before him, so Sheldon decides to make whatever end-of-year contribution is necessary to reach the $1,500,000 goal at the same time as Ed. If Sheldon continues to earn 7.6% annual interest, what annual contributions must he make in order to retire at the same time as Ed?

$11,320

$11,695

$8,789

$13,361

$13,241