not use ai please dndjdjdjduduycjfjrjeueueurhrbehdjdjdududdffc Allison and Leslie, who are twins, just received $30,000 each for their 27thbirthday. They both have aspirations to become millionaires. Each plans tomake a $5,000 annual contribution to her "early retirement fund" on herbirthday, beginning a year from today. Allison opened an account with theSafety First Bond Fund, a mutual fund that invests in high-quality bondswhose investors have earned 8% per year in the past. Leslie invested inthe New Issue Bio-Tech Fund, which invests in small, newly issued bio-techstocks and whose investors have earned an average of 19% per year inthe fund's relatively short history.a. If the two women's funds earn the same returns in the future as in thepast, how old will each be when she becomes a millionaire? Do notround intermediate calculations. Round your answers to two decimalplaces.Allison:59yearsLeslie:44yearsb. How large would Allison's annual contributions have to be for her tobecome a millionaire at the same age as Leslie, assuming theirexpected returns are realized? Do not round intermediate calculations.Round your answer to the nearest cent.$26340.55

Answered: Allison and Leslie, who are twins, just…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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