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Allison and Leslie, who are twins, just received $40,000 each for their 30 th birthday. They both have aspirations to become millionaires. Each plans to
Allison and Leslie, who are twins, just received $40,000 each for their 30 th birthday. They both have aspirations to become millionaires. Each plans to make a Fund, a mutual fund that invests in high-quality bonds whose investors have earned 6% per year in the past. Leslie invested in the New Issue a. If the two women's funds earn the same returns in the future as in the past, how old will each be when she becomes a millionaire? Do not round intermediate calculations. Round your answers to two decimal places. Allison: Leslie: 3 years b. How large would Allison's annual contributions have to be for her to become a millionaire at the same age as Leslie, assuming their expected returns are realized? Do not round intermediate calculations. Round your answer to the nearest cent
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