Essay
Mary and Becky are 22-year-old recent college graduates.Both want to be able to retire at age 50.Mary makes $1,200 annual payments starting immediately.Becky waits ten years,then begins making $2,400 annual payments.Both earn 6% annually on their savings.Which one will have paid more money into her retirement fund when she reaches age 50? Which will have the highest balance in her retirement fund? Why?
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Becky will have paid in $45,600 ($2,400 ...View Answer
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