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QUESTION 1 - 10 marks Which of the following two choices will result in a greater future value at the retirement age of 60? Choice
QUESTION 1 - 10 marks Which of the following two choices will result in a greater future value at the retirement age of 60? Choice 1 - Invest $3,000 per year from ages 20 through 26 (inclusive) into an account and then leave it untouched until you attain age 60. Choice 2 Begin at age 27 and make $3,000 deposits into an investment account every year until you are 60 years old. Each account earns an average of 8% per year and the investments are all end of year payments. QUESTION 1 - 10 marks Which of the following two choices will result in a greater future value at the retirement age of 60? Choice 1 - Invest $3,000 per year from ages 20 through 26 (inclusive) into an account and then leave it untouched until you attain age 60. Choice 2 Begin at age 27 and make $3,000 deposits into an investment account every year until you are 60 years old. Each account earns an average of 8% per year and the investments are all end of year payments
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