In: Advanced Math
You are advising a co-worker on saving for retirement. The co-worker gives you two possible scenarios:
Scenario 1: Suppose you invest $170 a month for 6 years
into an account earning 10% compounded monthly. After 6 years, you
leave the money, without making additional deposits, in the account
for another 22 years. How much will you have in the end?
Scenario 2: Suppose instead you didn't invest anything for
the first 6 years, then deposited $170 a month for 22 years into an
account earning 10% compounded monthly. How much will you have in
the end?
Include the following in a report.