Suppose you want to save in order to purchase a new boat. Take the APR to be 6.0%. If you deposit $150 each month, how much will you have toward the purchase of a boat after three years? (Round your answer to the nearest cent.) We consider the effects of starting early or late to save for retirement. Assume that each account considered has an APR of 6% compounded monthly If you begin by depositing $65 each month into an account at age 20, your nest egg if you retire at age 65 will be $179,139.52. If you start making monthly contributions at age 40 and plan to retire at age 65, your monthly contributions will be much higher in order to match this nest egg amount. Compare your monthly deposit of $65 at the age of 20 to your monthly deposit at the age of 40. This answer has not been graded yet. Compare the total amount deposited in each case. This answer has not been graded yet. eBook