How much money does bill have in his account at given age

Reference no: EM131914809

Problem

Mitch and bill are both age 75. when Mitch was 24 years old, he began depositing $1000 per year into a savings,account. he made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money in the accpunt, where it continued to earn interest for the next 41 years. Bill didn't start saving until he was 47 years old, bit for the next 28 years he made annual deposits of $1000. Assume that both accounts earned an average annual return of 6% (compounded once a year).

a. How much money does Mitch have in his account at age 75?

b. How much money does Bill have in his account at age 75?

Reference no: EM131914809

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