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Mr. Early and Mr. Late are born in the same year. Starting from age 20, Mr. Early saves $10,000 a year and increases the saving

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Mr. Early and Mr. Late are born in the same year. Starting from age 20, Mr. Early saves $10,000 a year and increases the saving by 3% per year until he reaches 35 (he saves for 15 years). Then he never saves again. Starting from age 30, Mr. Late saves $10,000 a year and increases the saving by 5% per year until he reaches 70 (he saves for 40 years). Assume the rate of return from the investment portfolio is 6% per year, and all savings occur at the beginning of the year. Who will has a larger retirement portfolio at the age 70? How much will the portfolio be worth at that time (round to the nearest $1,000K)? A. Both have the same size portfolio; $3,440 million B. Both have the same size portfolio; $2,481 million C. Mr. Early; $3,440 million D. Mr. Late; $2,481 million E. Mr. Late; $3,440 million F. None of the other answers is correct. G. Mr. Early; $2,481 million

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