What is your age today? (If you do not wish to reveal your actual age, assume that you are 25.) At the beginning of each year, starting today, you put $3,000 in an investment account earning 8% per year and you continue making $3,000 contributions every year until you reach age 70.
How much will you have in your retirement account?
How much will you have in your account if you start contribution one year from now, instead of today?