Question
Mildred and Georgia are both 40 years old. When mildred was 25 years old she began depositing $1000 a year into a retirement account which
Mildred and Georgia are both 40 years old. When mildred was 25 years old she began depositing $1000 a year into a retirement account which averaged 5% APR. She made deposits for the first 10 years, at which point she was forced to stop making deposits. However, she left her money in the account where it continues to earn 5% interest.
Georgia didn't start thinking about saving for retirement until now. How much money must she invest per year until age 66 so she has the same amount as Mildred will have at age 66? assume Georgia's account also earns an average annual return of 5%
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