You currently have 25 years and want to retire at the age of 65 years. As a complement to other sources of retirement, you could deposit $ 3,000 at the end of each year in an IRA. This financial instrument would earn 9.75% during the next 40 years.

a) How much money will accumulate at the end of 65 years you comply?

b) If you decide to wait 10 more years to start depositing, the money will accumulate to reach 65?

c) Discuss the impact of waiting 10 years on the accumulated amount.