SHOW YOUR WORK FOR THIS PROBLEM.

You and your friend would like to have $$50,000$ each in $14$ years.

You feel that you are a more savvy investor $($because of FIN $310$ :) than your friend.

You think that you'll be able to earn an annual return of $12$ percent compared to your friend's $10\mathrm{.}8\%.$

How much less than your friend will you have to deposit today?