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Question: You do not start saving money until age 46. On your 46th birthday you dutifully invest $10,000 each year until you finish your deposits when you reach the age of 65. The annual interest rate is 8% that you earn on your deposits. Your brother starts saving $10,000 a year on his 36th birthday but stops making deposits after 10 years. He then withdraws the compounded sum when he reaches age 65. How much more money will your brother have than you at age 65? Choose one of the following.

a. Your brother will not have more money than you have

b. $50,000

c. $176,000

d. $217,600

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92314853

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