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Category > Business & Finance Posted 18 May 2017 My Price 12.00

Earl E. Bird has decided

Q2. Earl E. Bird has decided to start saving for his retirement. Beginning on his twenty-first birthday, Earl plans to invest $2,000 each birthday into a savings investment earning a 7 percent compound annual rate of interest. He will continue this savings program for a total of 10 years and then stop making payments. But his savings will continue to compound at 7 percent for 35 more years, until Earl retires at age 65. Ivana Waite also plans to invest $2,000 a year, on each birthday, at 7 percent, and will do so for a total of 35 years. However, she will not begin her contributions until her thirty-first birthday. How much will Earl's and Ivana's savings programs be worth at the retirement age of 65? Who is better off financially at retirement, and by how much?

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Status NEW Posted 18 May 2017 05:05 AM My Price 12.00

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