You have just made your first $$1,000$ contribution to your retirement account.

Assume you earn an $8$ percent annual rate of return and make no additional

contributions.

Required:

$($a$)$What will your account be worth when you retire in $25$ years?

$6,848\mathrm{.}48$

$($b$)$What will your account be worth if you wait $6$ years before contributing?