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Mary and Peter are birthday buddy and just turned 42. Today, Mary told Peter that she...

Mary and Peter are birthday buddy and just turned 42. Today, Mary told Peter that she started her retirement saving exactly twenty years ago, $200 a month. Peter did not prepare his retirement at all and decided to start his first saving today. Both plan to retire their 67th birthday. Since Mary started 20 years earlier than Peter and both have 25 years to save in the future before their retirement, Peter decided to deposit three times more than Mary per month to catch up. Assume both accounts earn 9.5% per year. Please find who will have how much more when they retire? Mary will not change her retirement saving amount. To have equal amount as Mary’s retirement account at age 67, how much Peter should deposit monthly?

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