#12

(Future value) Selma and Patty Bouvier are twins and both work at the Springfield DMV. Selma and Patty Bouvier decide to save for retirement, which is 30 years away. They'll both receive an annual return of 8 percent on their investment over the next 30 years. Selma invests $1,000 per year at the end of each year only for the first 10 years of the 30-year period-for a total of $10,000 saved. Patty doesn't start saving for 10 years and then saves $1,000 per year at the end of each year for the remaining 20 years-for a total of $20,000 saved. How much will each of them have when they retire? a. Selma invests $1,000 per year at the end of each year only for the first 10 years of the 30-year period. How much will Selma have 10 years from now? $ (Round to the nearest cent.)