Lucius starts saving $100 per month at age 25 and averages 6% per year compounded monthly.Hector starts saving $1,215.22 per month at age 55 and averages 6% per year compounded monthly.Who will be better off at age 65 assuming neither had in money in their account when they started?
A) Lucius will have $15,476.20 and Hector will have $16,017.57 at age 65.
B) Lucius will have $199,149.07 and Hector will have $163,879.34 at age 65.
C) They both will have the same amount of money in their accounts at age 65.
D) Not enough information available.
Correct Answer:
Verified
Q146: In the highest income quintiles,the majority of
Q147: Why would it be a good idea
Q148: Most married couples who choose an annuity
Q149: What are some very important things to
Q150: Jordan wants to retire in 35 years.She
Q152: Vanguard and Fidelity are two low-cost mutual
Q153: If your employer offers a 401(k)or 403(b)plan,why
Q154: Two of the most important considerations when
Q155: In a "certain period" annuity,the longer the
Q156: In the lowest income quintiles,the vast majority
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents