Question
Each of these 3 people has a different savings scenario, but all with a 9% annual interest rate compounded monthly. How much will each have
Each of these 3 people has a different savings scenario, but all with a 9% annual interest rate compounded monthly. How much will each have at age 62? a) Willow's parents put $50 per month into a mutual fund from her birth to age 18. She doesn't make any additions to the mutual fund herself.
b) Buffy puts $100 per month into a savings account starting at age 18 for her high school graduation and stops at age 30.
c) Xander has a good job by age 25, and from then until age 62, he puts away $150 per month.
d) Which scenario has the highest amount by age 62?
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