A friend wants to retire in 30 years when he is 65

QUESTION

I think I got it…anyway I have 2 questions. Please once again provide detailed step by step answers I can understand. As long as I can follow your answers I will credit you accordingly.1. A friend wants to retire in 30 years when he is 65. At age 35, he can invest $300/month that earns 6% each year. But he is thinking of waiting 15 years when he is age 50, and then investing $900/month to catch up, earning the same 6% per year. He feels that by investing three times as much for half as many years (15 instead of 30 years) he will have more. What is the future value of each of these options at age 65, and under which scenario would he accumulate more money?Scenario A: $ , Scenario B: $ , Best: $ _2. TV’s R Yours is advertising a deal, in which you buy a flat screen TV for $1,192.25 (including tax) with one year before you need to pay (no interest is incurred if you pay by the end of the one year). How much would you need to deposit at the end of each month in a savings account earning 1.2% APR, compounded monthly, to be able to pay the $1,192.25 bill in one year?Monthly Deposit:__________________

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