You are 30 years old. Every month you are saving $1,000 for your retirement account at the annual rate of 8%. 

 

(1) How much will you have at your retirement age of 60? You have a friend at the same age, but he is starting 5 years later at his age 35 with the same monthly amount at the same annual rate. 

 

(2) How much will he have at his retirement age of 60? 

 

(3) What is the percentage differential between your friend's balance and yours at the same retirement age of 60?