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insens350 [35]
3 years ago
8

Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments

compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct?
Business
1 answer:
baherus [9]3 years ago
8 0

Answer:

Resulta are below.

Explanation:

Giving the following information:

Nan:

Initial investment= $5,000

Interest rate= 7% compounded annually

Number of years= 60 - 25= 35

Neal:

Initial investment= $5,000

Interest rate= 7% compounded annually

Number of years= 60 - 30= 30

<u>To calculate the future value, we need to use the following formula:</u>

FV= PV*(1+i)^n

<u>Nan:</u>

FV= 5,000*(1.07^35)

FV= $53,382.31

<u>Neal:</u>

FV= 5,000*(1.07^30)

FV= $38,061.28

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