document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1127349>Question 1127349</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mitch and Bill are both age 75. When Mitch was 22 years&#8203; old, he began depositing &#8203;$1300 per year into a savings account. He made deposits for the first 10&#8203; years, at which point he was forced to stop making deposits.&#8203; However, he left his money in the&#8203; account, where it continued to earn interest for the next 43 years. Bill&#8203; didn't start saving until he was 46 years&#8203; old, but for the next 29 years he made annual deposits of &#8203;$1300. Assume that both accounts earned an average annual return of 5&#8203;% &#8203;(compounded once a&#8203; year). Complete parts&#8203; (a) through&#8203; (d) below.<BR>\n" );
document.write( "a. How much money does Mitch have in his account at age&#8203; 75?<BR>\n" );
document.write( "At age&#8203; 75, Mitch has &#8203;$<BR>\n" );
document.write( "nothing in his account.<BR>\n" );
document.write( "&#8203;(Round to the nearest cent as&#8203; needed.) <BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #743837 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=743837\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Mitch P=1300((1.05)^10-1)/.05=$16,351.26<BR>\n" );
document.write( "for the next 43 years, 16351.26(1.05)^43=$133,257.33\r<BR>\n" );
document.write( "\n" );
document.write( "Bill P=1300((1.05)^29-1)/.05=$81,019.53 </SPAN>\n" );
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