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
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
Related questions
Question
![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.)
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F40759b05-e7b6-4224-af99-62d06fa9c7b0%2Fa472df7f-0745-4186-bd4e-b0f511b30561%2Fzjmu6sa_processed.png&w=3840&q=75)
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.)
$
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9781285195728/9781285195728_smallCoverImage.gif)
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9780998625720/9780998625720_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781938168383/9781938168383_smallCoverImage.gif)
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9781285195728/9781285195728_smallCoverImage.gif)
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9780998625720/9780998625720_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781938168383/9781938168383_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![Algebra for College Students](https://www.bartleby.com/isbn_cover_images/9781285195780/9781285195780_smallCoverImage.gif)
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning