Week 4 Lab MAT 143 Lab: Managing Money - Retirement and Mortgages Unit: Managing Money INSTRUCTIONS: Answer each of the following questions on the Answer Sheet Word document. Correct responses must include units such as $ signs. Answer in complete sentences. All answers in Dollars and Cents Part I: Retirement Income - Perpetuity In this lab, you will set-up savings for your retirement plan (nest egg) after working. You will live on this money when you stop earning a paycheck. Retiring with enough money to live on comfortably is within all our reach. It's very important to start saving for retirement from the day we begin to work. Just sit back and let the power of compounding take over. Investment: You began saving for retirement at age 25 by contributing $400 per month at an APR of 3% compounded monthly. You plan to retire at the age 65 and live on your retirement nest egg. 1. How much money is in your account on retirement at age 65? 2. What is the total amount of your deposits over 40 years? 3. Compare that amount of money in your account to the total deposits made over the time period. Explain your