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4 pts Question 2 Two former ACE 240 students graduate at the same time. Both are 22 years old when they graduate, and both have
4 pts Question 2 Two former ACE 240 students graduate at the same time. Both are 22 years old when they graduate, and both have a starting salary of $54,000. Former ACE 240 Student #1 puts 15% of that salary, or $8,100, into a 401k every year for 43 years. Former ACE 240 Student #2 also puts 15% of that salary, or $8,100, into a 401k every year; but Student #2 works 5 more years and so adds money to the end of 401k for 48 years. Both 401k accounts earn 8%/year. At the end of their working years, how much more money does Student #2 (who retires at age 70) have than Student #1 (who retires at age 65)? O Former Student #2 will have $223,598.44 more which is an average of $44,719.69 extra for each of the additional five years worked Former Student #2 will have $300,448.19 more which is an average of $60,089.64 extra for each of the additional five years worked O Former Student #2 will have $166,740.95 more which is an average of $133,448.00 extra for each of the additional five years worked Former Student #2 will have $1,300,448.19 more which is an average of $260,089.64 extra for each of the additional five years worked
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