Instead of listening to your parents’ advice, you spend more…
Instead of listening to your parents’ advice, you spend more money and save nothing for retirement for the first seven years out of college. After turning 30, reality hits and you decide you need to start saving towards your retirement goal. You make your first deposit at the end of that year when you turn 31 (t=8)and continue making annual deposits until your last deposit at age 60 (t=37). Relative to the amount you needed to save per year if you started shaving right out of college (i.e., relative to your answer to the previous answer), about how much larger do your deposits now have to be given the 7-year delay?