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
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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 $ in his account and Max has $
in his account.
(Round to the nearest cent as needed.)
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Transcribed Image Text: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 $ in his account and Max has $ in his account. (Round to the nearest cent as needed.) Enter your answer in the edit fields and then click Check Answer. All parts showing Clear All Check Answer To see what to study next, go to your Study Plan. 99+ a
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