Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 67 and puts $9,900 into an account earning 8% compounded annually. (FV of $1. PV of $1. EVA of $1. and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 67. Person Alec Daniel William Stephen Current Age 57 47 37 27 Initial Investment $ 9,900 9,900 9,900 9,900 Accumulated Investment by Retirement (age 67)

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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.