Twins graduate from college together and start their careers. Twin 1 invests $2000 at the end of each year for 10 years only (until age 31) in an account that earns 9%, compounded annually. Suppose...


Twins graduate from college together and start their careers. Twin 1 invests $2000 at the end of each year for 10 years only (until age 31) in an account that earns 9%, compounded annually.<br>Suppose that twin 2 waits until turning 40 to begin investing. How much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 9% compounded annually in<br>order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the nearest cent.)<br>$1<br>Need Help?<br>Read It<br>

Extracted text: Twins graduate from college together and start their careers. Twin 1 invests $2000 at the end of each year for 10 years only (until age 31) in an account that earns 9%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. How much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 9% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the nearest cent.) $1 Need Help? Read It

Jun 05, 2022
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