at age 21 Julio begins saving $1,000 each year until age 35 (15 payments) in an ordinary annuity paying 5.2% annual interest compounded yearly and then leaves his money in the account until age 65 (30 years). His friend Max begins at age 41 saving $2,000 per year in the same type of account until age 65 (25 payments). How much does each have in his account at age 65?

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To solve this problem we can break it down into two parts 1 Calculate the future value of Julios ann... View the full answer