(Saving for

retirementfuture

value of an annuity)Selma and Patty Bouvier are twins and both work at the Springfield DMV. Selma and Patty Bouvier decide to save for retirement, which is 35 years away. They'll both receive an annual return of

11

percent on their investment over the next 35 years. Selma invests

$2,000

per year at the end of each year only for the first 10 years of the 35-year

periodfor

a total of

$20,000

saved. Patty doesn't start saving for 10 years and then saves

$2,000

per year at the end of each year for the remaining 25

yearsfor

a total of

$50,000

saved. How much will each of them have when they retire?

a.How much will Selma have when she retires?

$enter your response here

(Round to the nearest cent.)

Part 2

b.How much will Patty have when she retires?

$enter your response here

(Round to the nearest cent.)