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Julio is now 25 and plans to invest $5,000 in a retirement account each year until...

Julio is now 25 and plans to invest $5,000 in a retirement account each year until he retires at 65.

a.   If he earns 7% a year, how much will his account be worth at retirement?

b.   If he invests more aggressively and earns 8% a year, how much will his account be worth at age 65?

c.   If he invests, instead, in bank CDs and earns 2.5% a year on average, how much will his account be worth at retirement?

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