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A tale of Twins Lucas and Lincoln are identical twins. They have very different investment plans to provide for their retirement. Study both plans and

A tale of Twins
Lucas and Lincoln are identical twins.
They have very different investment plans to provide for their retirement.
Study both plans and then decide who you think will have more money in his superannuation when they both reach 65 years of age if their investment yield 5% per annum compounded annually.
Lucas
I plan to put $2000 each year into my savings account beginning on my birthday when I turn 20 years of age. When I turn 29, I will make my final contribution of $2000 Then I will leave the money invested in my savings account and let it grow, but I will make no further contributions.
Hint: How much will Lucas contribute to his super between ages 20 and 30?
Lincoln
I want to have some spending money while I'm young, so I will not open a savings accounting until I reach 30 years of age. However, when I turn 30, I will put $1500 into a savings account each and every year until I turn 64. Then I will make my final contribution of $1500.
Hint How much will Lincoln contribute to his saving account between ages 30 and 65?
Both want to access superannuation
fund at 65.
Investment rate 5% p.a.
Who have more money?

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