Question
Problem 5 Two friends deposit money into accounts over a 20-year period into an account that pays 4% compounded annually. Dillon deposits $1000 at
Problem 5 Two friends deposit money into accounts over a 20-year period into an account that pays 4% compounded annually. Dillon deposits $1000 at the end of each of 20 years. Ashlynn deposits $2000 at the end of each year for 10 years, then allows the money to sit in the account to accrue more interest for the remaining 10 years. Notice that this means they are each taking $20,000 of their own money and investing it. Use this information to find the following: the amount that is in Dillon's account at the end of 20 years. the amount that is in Ashlynn's account after 10 years (after all the deposits are made). the amount in Ashlynn's account at the end of 20 years (10 years after the last payment is made). Who has more money after 20 years, and by how much?
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