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

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

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 2 months ago

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