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Selma and Patty Bouveir are twins and both work at the Springfield DMV. They decide to save for retirement, which is 30 years away. They'll
Selma and Patty Bouveir are twins and both work at the Springfield DMV. They decide to save for retirement, which is 30 years away. They'll both receive an annual return of 8 percent on their imvestment over the next 30 years. Selma invests $2,000 per year at the end of each year only for the first 10 years of the 30-year period - for a total of $20,000 saved. Patty doesnt start saving for 10 years and then saves $2,000 per year at the end of each year for the remaining 20 years - for a total of $40,000 saved. How much will each of them have when they retire?
a. Selma invests $2,000 per year at the end of each year for only the first 10 years of the 30-year period. How much will Selma have 10 year from now?
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