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In: Accounting

Consider Donald and Joe who are both 30- years of age and recently graduated with a...

Consider Donald and Joe who are both 30- years of age and recently graduated with a degree in Finance. Both Donald and Joe plan to retire at age 67, and the retirement plan pays a 12 percent per annum return and is also compounded monthly.

Donald plans to invest $1,000 per month beginning next month into his retirement account, while Joe shall invest $2,000 per month.

Joe however does not plan to begin investing until 10 years after Donald begins to invest. How much will each of the newly grads have at retirement?

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ekkarill92 answered 1 year ago
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