If a person starts investing $100 per month starting at age 21, and that money earns a 5% return every year, how much will this person have when turning 70 years old? for ease of calculation, assume starting balance of $0 and annual contributions of $1,200 (12*$100). between $200,001 and $400,000 more than 1 million dollars less than $200,000 between $400,001 and $600,000 between $600,001 and $1,000,000

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?