Huey, Dewey and Louie are triplets. They are 25 years old and are trying to set up savings plans for themselves. They plan to retire at age 65. They each have different ideas. All APRs are 4%.

Hueys plan: deposit $100 each month into the account and leave the money in the bank until he retires at age 65.

Deweys plan: Dewey doesnt want to be bothered with monthly payments like Huey. He wants to hang onto his money throughout the year, and then make just one payment at the end of each year. Hell deposit $1200 per year in his bank. He figures that at retirement his Nest Egg will be the same size as Hueys because each year, hes deposited just as much.

Louies plan: Louies a party guy! He wants to have fun with his money while hes young! He decides hell put off saving until hes 45, at which time hell start putting in twiceas much per month as Huey ($200). He figures with this plan, his Nest Egg ought to be the same size as Hueys when they retire at age 65. (Twice as much for the time ought to be the same, right?)

(a) For each brother, you are to find/fill in the table below: # years saving, total deposits made, balance at age 65 using the TVM Solver, and the amount of interest earned.

	Huey	Dewey	Louie
# years saving
Total amount deposited ($) Show your work here.
Balance at age 65 (TVM)	N= I%= PV= PMT= FV= P/Y= C/Y= PMT: End Balance:_________________	N= I%= PV= PMT= FV= P/Y= C/Y= PMT: End Balance:_________________	N= I%= PV= PMT= FV= P/Y= C/Y= PMT: End Balance:_________________

(b) Did all 3 brothers make the same Total

Total Interest Earned ($) Show your work here.

(b) Did all 3 brothers make the same Total Deposits? _______________

If not, which brother deposited the most? _______________

(c) Did all 3 brothers earn the same amount of interest? _______________

If not, which brother earned the most? _______________

(e) What would Deweys annual deposit have to be to make as much as Huey? __________________

(f) What would Louies monthly deposit have to be to make as much as Huey? __________________

(g) What are the advantages/disadvantages of each brothers savings plan? Make at least 2 statements per brother. Answers should be written in complete sentences with proper grammar and punctuation.

Huey:

Dewey:

Louie: