A 20-year-old student wants to save $3 a day for her retirement. Every day she places $3 in a drawer. At the end of each year, she invests the accumulated savings ($1,095) in a brokerage account with an expected annual return of 12%.

(1) If she keeps saving in this manner, how much will she have accumulated at age 65?

(2) If a 40-year-old investor began saving in this manner, how much would he have at age 65?

(3) How much would the 40-year-old investor have to save each year to accumulate the same amount at 65 as the 20-year-old investor?