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Two siblings, Princess Leia and Luke Skywalker, both the same age, started working at age 23. They each decided upon a different course of action for their respective retirement plans. Assuming, Leias plan earned 12 % and Luke Skywalkers plan earned 12%. Leia retires at age 60 and Luke at age 65, calculate the earnings each plan generated. Leia began immediately to put $6,500 per year in an individual retirement account (IRA) and contributed to it for a total of 15 years. After 15 years, Leia made no further contributions into the account. (The account continues to accumulate until age 60). Luke did not open an individual retirement account until Luke was 30 years old. Luke plans to invest $6,500 each year for the remaining years until Luke retired at age 65.

1. How much did Leia contribute (of their own money) to their retirement plan?
2. How much will Leias retirement plan be worth at age 60 (including interest earned)?
3. How much did Luke contribute (of their own money) to their retirement plan?
4. How much will Lukes retirement plan be worth at age 65 (including interest earned)?
5. Who will have more at retirement? Who will have more at the age of 65? Why is that?