There are many reasons why people don't save: "I don't have any extra money." "I promise to start next year." "I have $100... what will that do?" "I'd rather pay extra on my bills and get those taken care of first." Many people who did establish a retirement plan have found that, years into their plan, they made three mistakes: - They started too late. - They put away too little. - They invested too conservatively. And these pitfalls are magnified when you consider compound interest. Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use either the formula or the final calor. Round your answers to the nearest cent.) Musashi, age 40, is starting his savings plan this year by putting away $2,200.00 at the end of every year until he reaches age will deposit this money at his local savings and loan at an interest rate of 6%. The future value annuity interest factor is 54.8645. Based on the information provided, by the time Musashi turns 65 , he will have Rina, age 45 , is starting her savings plan this year by putting away $2,200.00 at the end of every year until she reaches age 65 . She will deposit this money at her local savings and loan at an interest rate of 6%. The future value annuity interest factor is 36.7856. Based on the information provided, by the time Rina turns 65 , she will have Musashi started his investment program five years earlier and set aside more than Rina. By the time Musashi turns 65 , he will have accumulated more than Rina