Question: Please show all work and equations as needed. You purchase a mutual fund with annual total fees of 0.2% per year. Your friend purchases a

 Please show all work and equations as needed. You purchase a

Please show all work and equations as needed.

You purchase a mutual fund with annual total fees of 0.2% per year. Your friend purchases a similar fund with higher fees of 1.2% per year. Both funds can be expected to return 900 per year before fees. You both save $1500 per month for 10 years (i.e., 120 months) in a tax free account. Assume your first $1500 investment occurs at the end of the first month, and at the end of every month after that. At the end of 10 years, what is the total value of your savings? What is the total value of your friend's savings? What is the difference in savings between you and your friend

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