Problem 2. 25 points e to start saving right away for your retirement. You put $5.000 When you take

Problem 2. 25 points e to start saving right away for your retirement. You put $5.000 When you take your first job, you decide to start saving right away for averages 8% interest per year. Five years later, you move Der var into the company's 401(k) plan, which averages 8% interest per year. Five to another job and start a new 401(k) plan. You never get around to merging the fut You never get around to merging the funds in the two plans. If the first plain continued to earn interest at the rate of 8% per year for 35 years after 35 years after you stopped making contributions, how much is the account worth? (a) Draw a cash flow diagram for this situation (b) Can you buy a house that worths S400,000 with this account?

 

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