You are 29

29 years old and decide to start saving for your retirement. You plan to save $ 6 comma 000

$6,000 at the end of each year(so the first deposit will be one year fromnow), and will make the last deposit when you retire at age 66

66. Suppose you earn 10 %

10% per year on your retirement savings.

a. How much will you have saved forretirement?

b. How much will you have saved if you wait until age 32

32 to start saving(again, with your first deposit at the end of theyear)?