Lorenzo and Michael each decide to invest in a mutual fund to save for retirement. They each choose a mutual fund that has had an average return of 5.6% over the last decade. There is no guarantee that the mutual fund will continue to earn this same rate, but it can be used as an estimate of future returns. Use the information given below to estimate how much each man will have when he retires. Round to the nearest dollar. Hint: The amount earned is how much they have without the initial investment.

Lorenzo invests $2,000 when he is 25 years old.

Michael invests $5,000 when he is 45 years old.

Both men plan to retire at age 65