Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age account earning 8% compounded annually. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1. PV $1) Required: Calculate how much each person will have accumulated by the age of 64. Person Alec Daniel Age 54 44 Initial Investment S 10,200 10,200 Accumulated Investment by Retirement (age 64)

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Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.