Ann graduates college at 22 and begins working. She faithfully puts $5,000 into a deferred tax savings account on January 2nd every year for 8 years….

How much will she have in the account when she is 65? Ann’s husband was not a saver and wakes up at age 50 and realizes he needs to start saving. How much does he have to put away each year into a deferred tax savings account to have the same amount as Ann at the age of 65 (15years)?