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At age 21 Julio begins saving $850 each year until age 35 (15 payments) in an ordinary annuity paying 6.7% annual interest compounded yearly and
At age 21 Julio begins saving $850 each year until age 35 (15 payments) in an ordinary annuity paying 6.7% annual interest compounded yearly and then leaves his money in the account until age 65 (30 years). His friend Max begins at age 41 saving $1,700 per year in the same type of account until age 65 (25 payments). How much does each have in his account at age 65?
At age 65, Julio has $____in his account and Max has $____in his account.
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