Question
Mitch and Bill are both age 75. When Mitch was 24 yearsold, he began depositing $1400 per year into a savings account. He made deposits
Mitch and Bill are both age 75. When Mitch was 24 yearsold, he began depositing $1400 per year into a savings account. He made deposits for the first 10years, at which point he was forced to stop making deposits.However, he left his money in theaccount, where it continued to earn interest for the next 41 years. Billdidn't start saving until he was 47 yearsold, but for the next 28 years he made annual deposits of $1400. Assume that both accounts earned an average annual return of 7% (compounded once ayear). Complete parts(a) through(d) below.
a. How much money does Mitch have in his account at age75?
At age75, Mitch has $???? in his account.
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