Question
After graduating from college and receiving well-paying jobs in their field. Alayna wants to begin saving for retirement, but Dennis decides to wait a while
After graduating from college and receiving well-paying jobs in their field. Alayna wants to begin saving for retirement, but Dennis decides to wait a while before saving.
6.) Alayna starts investing $400 a month at age 25 and invests for 10 years at 6% compounded monthly. Alayna stops investing at age 35, and does not contribute any money for the next 30 years. Dennis starts investing at age 35, $400 a month at 6% for 30 years. Now at age 65:
a. How much money has Alayna deposited?
b. How much money has Dennis deposited?
c. Who has saved the most money? (12-points) Be sure to give the totals for both twins.
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