Twins graduate from college together and start their careers. Twin 1 invests $1500 at the end of each year for 10 years only (until age 33) in an account that earns 6%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. H much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 6% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the neares cent.) cent
Twins graduate from college together and start their careers. Twin 1 invests $1500 at the end of each year for 10 years only (until age 33) in an account that earns 6%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. H much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 6% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the neares cent.) cent
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Transcribed Image Text:Twins graduate from college together and start their careers. Twin 1 invests $1500 at the end of each year for 10 years only (until age 33) in an account that earns 6%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. How
much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 6% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the nearest
cent.)
$
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