Suppose you can afford to invest $1000 at the beginning of each month in hopes to save for retirement at the age of 65. For both the annual rates r = 3.2% and r = 8.05%, compounded monthly:
A. Calculate the total future value of the account when you are 65 assuming you start this process as soon as you turn 23 (so you invest for 42 years total).
B. Calculate the total future value of the account when you are 65 assuming you start this process as soon as you turn 30 (so you invest for 35 years total).
C. Calculate the total future value of the account when you are 65 assuming you start this process as soon as you turn 40 (so you invest for 25 years total).