Selma and Patty Bouvier are twins and both work at the Springfield DMV. Selma and Patty Bouvier decide to save for​ reti

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answerhappygod
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Selma and Patty Bouvier are twins and both work at the Springfield DMV. Selma and Patty Bouvier decide to save for​ reti

Post by answerhappygod »

Selma and Patty Bouvier are twins and both work at the
Springfield DMV. Selma and Patty Bouvier decide to save
for​ retirement, which is 35 years away. ​ They'll both
receive an annual return of
8
percent on their investment over the next 35 years. Selma
invests
$2,200
per year at the end of each year only for the first 10 years of
the​ 35-year
period—for
a total of
$22,000
saved. Patty​ doesn't start saving for 10 years and then
saves
$2,200
per year at the end of each year for the remaining 25
years—for
a total of
$55,000
saved. How much will each of them have when
they​ retire?
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