Joe and Susan are both 40 years old and hope to have enough money saved to retire by the time they're 65. They deposit $6,000 each year into an account that pays 4% interest compounded annually. Use this information to complete the table.
Total Interest Earned
Account Balance in 20 years
Formula to Use
future value of an annuity
future value of a lump sum
present value of an annuity
$249.875
$286,363
$149,875
$99,875
$112.253