The twins Sarah and Scott both opened retirement accounts on their 21 st birthday. Sarah deposits $4,800.00 each year, earning 5.5% annual interest, compounded monthly. Scott deposits $3,600.00 each year, earning 8.5% annual interest, compounded monthly. Which twin will earn the most interest by the time they are 55 years old? How much more?

Chapter 11, Review Exercises #30

The twins Sarah and Scott both opened retirement accounts on their 21st birthday. Sarah deposits $4,800.00 each year, earning 5.5% annual interest, compounded monthly. Scott deposits $3,600.00 each year, earning 8.5% annual interest, compounded monthly. Which twin will earn the most interest by the time they are 55 years old? How much more?

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Related Book For answer-question

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Authors: Jay Abramson

ISBN: 9781938168345