Your monthly savings amount $74.

Suppose you begin to save for retirement at age 20 and retire at age 72. You save into an account that earns 9% interest. You estimate that you will need your retirement income for 25 years.

11. What will be the size of your nest egg when you retire?

12. How much total interest will you earn while saving your nest egg?

13. What will be your monthly income during retirement if you treat your nest egg as a perpetuity?

14. What will be your monthly income during retirement if you treat your nest egg as an annuity?

15. What size nest egg would you need in order to have a monthly income equal to $8066 from a 30-year annuity during retirement if your account has an APR of 9.4%?