SOLUTION: Twins graduate from college together and start their careers. Twin 1 invests $2500 at the end of each year for 10 years only (until age 31) in an account that earns 6%, compounded

Question 1102238: Twins graduate from college together and start their careers. Twin 1 invests $2500 at the end of each year for 10 years only (until age 31) in an account that earns 6%, compounded annually. Suppose that twin 2 waits until turning 40 to begin investing. How much must twin 2 put aside at the end of each year for the next 25 years in an account that earns 6% compounded annually in order to have the same amount as twin 1 at the end of these 25 years (when they turn 65)? (Round your answer to the nearest cent.)
I have attempted the solution as follows, but it is wrong. Can you please tell me where my work is off?
Twin I
First 10 years (Age 20-30)
PV = 0
Int = 6%
Pmt = $2,500
Solve for FV = $32,951.99
Last 35 years (Age 31-65)
PV = $32,951,99
Pmt = $0
Int = 6%
Solve for FV = $253,271.86
Twin II
PV = $0
Int = 6%
FV = $253,271,86
N= 25 years (age 41-65)
Solve for Pmt = $4,616.31
The $4,616.31 answer is incorrect. My only thought is that I should be starting Twin I at 21 years of age, which would drop the second part of that Twin I answer N value from 35 years (65 yrs - 30 yrs) to 34 years (65 yrs - 31 yrs). I think that would drop the FV for twin I to $239,935.71, and the Pmt for Twin II to 4,355.01. Is that the error here?
Any assistance is appreciated.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

I get all the same numbers as you, within a few cents.

Do you know if the answer you got by changing from 35 years to 34 years is the right answer? That's the answer I get.

I think the 34 is the right number to use, because each of them is making the contributions at the end of each year. If the first twin started investing at age 21 and made contributions for 10 years, then he is 31 when he stops making contributions; it is then 34 more years to when he is 65.
RELATED QUESTIONS
Twins graduate from college together and start their careers. Twin 1 invests $1500 at the (answered by CPhill)

I have looked for this problem on this site but did not see it anyplace. Please help.... (answered by solver91311)

a person invests rs 1000 at 10% compound interest of two years.then he invests the... (answered by addingup)

The combined age of a mother and her twin daughters is 58 years. The mother was 25 year... (answered by stanbon,DrBeeee)

The average age of 12 children is 10 years 3 months .What is their total age? If the ages (answered by macston)

Can someone please help me with the following two questions? 1. Mary just deposited... (answered by stanbon)

The combined ages of a father and his twin daughters are 54 years.The father was 24 years (answered by scott8148)

Mr and Mrs Bell have twin daughters and a son. Mr Bell is four years older than Mrs bEll. (answered by FrankM)

A college graduate earns $38,500 his first year working. There is a flat increase of... (answered by TimothyLamb)