This exercise illustrates just how fast exponential functions grow in the long term. Suppose you start work for a company at age 25. You are offered two rather unlikely retirement options. Retirement option 1: When you retire, you will recelve $35,000 for each year of service. Retirement option 2: When you start work, the company deposits $2500 into a savings account that pays a monthly rate of 1.5%. When you retire, the account will be closed and the balance given to you. Be careful with retirement option 2 because the interest is earned monthly. So for example if you work for 40 years, that would be 40 x 12 = 480 months. How much will you have under retirement option 1 at age 55? (Round your answer to the nearest cent.) $ How much will you have under retirement option 2 at age 557 (Round your answer to the nearest cent.) $ How much will you have under retirement option 1 at age 65? (Round your answer to the nearest cent.) $ answer to the nearest cent.) How much will you have under retirement option 2 at age 657 (Round yo $ Which retirement option is better if you plan to retire at age 55? Retirement option 1 O Retirement option 2 Which retirement option is better if you plan to retire at age 65? O Retirement option 1 O Retirement option 2 6:34