Mitch and Bill are both age 75. When Mitch was 24 years old, he began depositing $1000 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money in the account, where it continued to earn interest for the next 41 years. Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1000. Assume that both accounts earned an average annual return o 6% (compounded once a year). Complete parts (a) through (d) below. a. How much money does Mitch have in his account at age 75? At age 75, Mitch has S in his account. (Round to the nearest cent as needed.)
Mitch and Bill are both age 75. When Mitch was 24 years old, he began depositing $1000 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money in the account, where it continued to earn interest for the next 41 years. Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1000. Assume that both accounts earned an average annual return o 6% (compounded once a year). Complete parts (a) through (d) below. a. How much money does Mitch have in his account at age 75? At age 75, Mitch has S in his account. (Round to the nearest cent as needed.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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Transcribed Image Text:Mitch and Bill are both age 75. When Mitch was 24 years old, he began depositing $1000 per year into a savings account. He made deposits for the first 10 years, at which point he was forced to stop making deposits. However, he left his money
in the account, where it continued to earn interest for the next 41 years. Bill didn't start saving until he was 46 years old, but for the next 29 years he made annual deposits of $1000. Assume that both accounts earned an average annual return of
6% (compounded once a year). Complete parts (a) through (d) below.
a. How much money does Mitch have in his account at age 75?
At age 75, Mitch has $ in his account.
(Round to the nearest cent as needed.)
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