Joan is diligent and,starting on her 19^th Birthday,she deposits $1,000 in a bank account that pays an interest rate of 10%.She continues to save for six more years culminating on her 25^th birthday.After that birthday she stops saving but leaves her accumulated savings in a bank account for 40 years (to age 65).Roseanne is a partier and doesn't start saving until her 26th birthday,at which time she starts saving $1,000 a year until her 65th birthday.(Assume that Roseanne also earns a rate of 10%.)Who has more at age 65? A) Roseanne B) Joan C) They will have the same amount of money.

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11ea7fdb_fc16_3366_a768_b950602a5985_TB2902_11 = PMT × 11ea7fdb_fc16_3367_a768_b90c003e9dd0_TB2902_11 FV = 1,000 × 11ea7fdb_fc16_5a78_a768_5573ddc77a53_TB2902_11 = $9,487.17 9,487.17 × (1.10)⁴⁰ = 429,382.30 11ea7fdb_fc16_5a79_a768_152d36512c24_TB2902_11 = PMT × 11ea7fdb_fc16_5a7a_a768_5b82a261e5cf_TB2902_11 FV = 1,000 × 11ea7fdb_fc16_5a7b_a768_a7e366be5d06_TB2902_11 = $442,592.56

Joan Is Diligent And,starting on Her 19th Birthday,she Deposits $1,000

Joan Is Diligent And,starting on Her 19^th Birthday,she Deposits $1,000