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Three brothers Frank, Gary and Tim all plan to save for retirement. All of them plan to retire at age 65. All of them save in a retirement account that pays 4% interest. Each of them plan to save some of each paycheck and all are paid every other week (26 paychecks per year)
However, each of them has a different strategy. At age 20 Frank invests $100 every two weeks. At age 30 Gary begins investing and puts $150 away every two weeks. At age 40 Tim decides to start saving and saves $200.00 every two weeks.
When retirement beckons at age 65, how much will each brother have available?
How much would Gary and Tim need to invest from each paycheck to match the value in Frank's nest egg?
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