In: Finance
8. Future Value of Annuity. Twins Jacob and Jacquelyn graduated from college and started working in the family restaurant business at age 22. Each sibling developed their own plan to provide for their retirement. Both plans earned 8% and both siblings plan to retire at age 60.
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8.a. What were Jacquelyn's out of pocket contributions to her retirement account? |
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8.b. What were Jacob's out of pocket contributions to his retirement account? |
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8.c. How much will Jacquelyn accumulate in her retirement account in total (cash investment and returns) by the time she is 60 years old? |
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8.d. How much will Jacob accumulate in his retirement account in total (cash investment and returns) by the time he is 60 years old? |
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