Eric and Adam, who are twins, took different approaches to investing. Eric saved $2000 per year for 10 years starting at age 22 and never added any more money to the account. Adam saved $2000 per year...

Eric and Adam, who are twins, took different approaches to investing. Eric saved $2000 per year for 10
years starting at age 22 and never added any more money to the account. Adam saved $2000 per year
for 20 years starting at age 35. Assuming that the brothers earned an 8 percent return, who had
accumulated the most by the time they reached age 65? Use Appendix Table A.3, Appendix Table A.1.
Solution:
ERIC Investment value
Annual savings = 2000
Term = 10 years
Interest rate = 8%
Start age = 22
Annual deposit end age = 22 + 10 = 32
FV of...