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Alex Davidoff (AD) and Paul Davidoff (PD) are twins. AD started investing for retirement when he was 20 and invested $150 monthly that gives him

Alex Davidoff (AD) and Paul Davidoff (PD) are twins.

AD started investing for retirement when he was 20 and invested $150 monthly that gives him the rate of return of 7% compounded monthly.

PD started investing for retirement when he was 25 and invested $150 monthly that gives him the rate of return of 7% compounded monthly.

AD and PD did not make any other investments for retirement other than the mentioned above. They both retire in the same year.

Who will have more money from their investment when they retire? Please explain using annuity formula, or any other appropriate approach.

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