At age 21 Julio begins saving $1,200 each year until age 35 (15 payments) in an ordinary annuity paying 5.5% 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 $2,400 per year in the same type of account until age 65 (25 payments). How much does each have in his account at age 65? At age 65, Julio has $ (Round to the nearest cent as needed.) in his account and Max has $ in his account.

At age 21 Julio begins saving $1,200 each year until age 35 (15 payments) in an ordinary annuity paying 5.5% 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 $2,400 per year in the same type of account until age 65 (25 payments). How much does each have in his account at age 65? At age 65, Julio has $ (Round to the nearest cent as needed.) in his account and Max has $ in his account.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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20.

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