Invest now or later? Twins Barbara and Mary are both age 27. Beginning at age 27, Barbara invests $2000 per...
Invest
now or later? Twins Barbara and Mary are both age 27. Beginning at age
27, Barbara invests $2000 per year for ten years and then never sets
aside another penny. Mary waits 10 years and then invests $2000 per year
for the next 30 years. Assuming they both earn 7 percent, how much will
each twin have at age 67?
Step
1: Barbara starts investing $2000 annually for ten years and then
stops. When Barbara reaches age 37 she has accumulated $[___].
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