Tom starts investing $250 per month at age 20. Bob starts investing $250 per month at...

Tom starts investing $250 per month at age 20. Bob starts investing $250 per month at age 30. Both Tom and Bob are the same age and can each earn 8 percent on their invested funds. If both retire at age 60, how much more will Tom have in his retirement account compared to Bob?

A. $500,162

B. $600,162

C. $700.162

D. $400,162

Expert Solution

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.

ANSWER : A: $500,162

jeff jeffy answered 8 months ago

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