How much did each have at retirement age

Reference no: EM131965403

Question: David began working at ABC Corp when he was 25 years old. He began contributing $1000 per month into the 40 1k plan offered by his company. He put the money into the account at the end of each month. He earned 4% interested compounded monthly. He continued to do this until he quit the job at age 40. He then let the money sit until he was 65 years old. He earned an annual interest rate 8% on this account, compounded annually. Donna began working at ABC Corp when she was 42 years old and contributed $5.500 at the end of each year, earning 4.5% interest annually, until she retired at the age of 65. How much did each have at retirement age?

Reference no: EM131965403

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