Patrick and Bob open separate savings accounts at the same bank at the same time. They each put $1502 into their own account at the end of every year. They have an annual fixed rate of interest at 2.5%.

After 18 years of payments, Patrick stops paying into his account. He just lets it sit there, collecting interest each year.

Bob continues paying the same amount every year.

How much more savings will Bob have than Patrick at the end of 16 more years?

Answer rating: 100% (QA)

Calculate accumulated amount of Patrick after 18 years Using financial calculator enter N18 PMT... View the full answer