Money in the retirement account to accumulate interest

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Starting at age 25, Jim saves $1200 a year for 8 years then stops saving (leaves his money in the retirement account to accumulate interest).

Starting at age 35, John saves $1200 a year for the next 30 years.

Assuming a 7% annual return, how much money do Jim and John have at age 65? Repeat the calculation for 8% and 9% annual return. Use the FV (Future Value) function for your calculations. Do not create a table.

Reference no: EM13775149

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