A 40-year-old person who wants to retire at age 60 starts a yearly retirement contribution in the amount of $6,000. The retirement account is forecasted to average a 5% annual rate of return, yielding a total balance of $198,395.72 at retirement age. If this person had started with the same yearly contribution at age 30, what would the difference be in the account balances? A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used. a. $200,732.63 b. $200,237.36
c. $398,633.09 d. $389,633.90