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Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 65 and puts $11,000 into an
Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 65 and puts $11,000 into an account earning 10% compounded annually. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (EV of $1. PV of $1. EVA of $1, and PVA of $1) Required: Calculate how much each person will have accumulated by the age of 65. Accumulated Person Age Initial Investment Investment by Retirement (age 65) Alec 55 S 11.000 Daniel 45 11,000 William 35 11,000 Stephen 25 11.000
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