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( Future value ) Selma and Patty Bouvier are twins, and both work at the Springfield DMV . They decide to save for retirement, which

(Future value) Selma and Patty Bouvier are twins, and both work at the Springfield DMV. They decide to
save for retirement, which is 35 years away. They'll both receive an annual return of 8 percent on their
investment over the next 35 years. Selma invests $1,500 per year at the end of each year only for the first
10 years of the 35-year period-for a total of $15,000 saved. Patty doesn't start saving for 10 years and then
saves $1,500 per year at the end of each year for the remaining 25 years-for a total of $37,500 saved.
How much will each of them have when they retire?
a. Selma invests $1,500 per year at the end of each year only for the first 10 years of the 35-year period.
How much will Selma have 10 years from now?
$
(Round to the nearest cent.)
b. How much will Selma have when she retires 35 years from now?
$
(Round to the nearest cent.)
c. Patty doesn't start saving for 10 years and then saves $1,500 per year at the end of each year for the
remaining 25 years. How much will Patty have when she retires 35 years from now?
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