Both you and your older brother would like to have $24,500 in 12 years. Because of your

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Question:

Both you and your older brother would like to have $24,500 in 12 years. Because of your success in this course, you feel that you are a more savvy investor than your brother and could generate an annual return of 11.3 percent compared to your brother's 9.8 percent.

How much less will you need to deposit from your brother today?