You've learned that the sooner you begin investing for your retirement, the more likely you are to achieve the financial goals you've set for yourself when you're finished working full time. Consider the following two scenarios. Round your answers to the nearest dollar. Fast approaching middle age, Don, age 50, decided to start his investment plan this year by putting away $2,800 every year until he retires at 65. He will invest this money in a bond mutual fund that yields an average rate of return of 6%. Fast approaching middle age, Jago, age 45, decided to start his investment plan this year by putting away $2,800 every year until he retires at 65. He will invest this money in a bond mutual fund that yields an average rate of return of 6%. According to Appendix A-3 (Future Value of a Series of Equal Amounts) in your text, the compounding factor is 23.2760. According to Appendix A-3 (Future Value of a Series of Equal Amounts) in your text, the compounding factor is 36.7856. Based on the information provided, how much will Don have when he retires at 65? Based on the information provided, how much will Jago have when he retires at 65? Since Jago started his investment program five years earlier than Don, and invested a total of during those extra years, at age 65, Jago will have accumulated $ Don. more than What factors contributed to the difference between Jago's and Don's balances? Check all that apply. O Their annual contributions Their total contributions Their retirement ages Compounding interest