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Must show all work, steps and formulas to demonstrate understanding. Calculate the future values for Dawn and Dave s investments. a . Dawn invests $

Must show all work, steps and formulas to demonstrate understanding. Calculate the future values for Dawn and Daves investments.
a. Dawn invests $2000 each year of 10 consecutive years, starting at age 25. Assume an 8% annual rate of return with annual compounding. After age 35 she no longer adds to the account, but the money continues to compound. What was Dawns out-of-pocket amount? How much will Dawn have accumulated by age 65? Show all steps/work to justify your solution.
b. Dave invests $2000 each year for 30 consecutive years, starting at age 35. Assume the same 8% annual rate of return with annual compounding. What was Daves out-of-pocket amount? How much will Dave have accumulated by age 65? Show all steps/work to justify your solution.
c. Who contributed the most out-of-pocket? Who made the most money? How much did Dave contribute? How much did Dawn make?

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