Scenario A: Lilly decides to invest $400 in 2001. Her interest rate is 5.5% compounded yearly.
Lilly deposits an additional $1200 per year.
Scenario B: Mark decides to invest $3800 in 2001. His interest rate is 2.5% compounded yearly.
Mark deposits an additional $1200 per year.
1.
How much will Lilly have in 2020?
2.
When will Mark have $50,000?
3.
In what year will Lilly have more money than Mark?
Lilly deposits an additional $1200 per year.
Scenario B: Mark decides to invest $3800 in 2001. His interest rate is 2.5% compounded yearly.
Mark deposits an additional $1200 per year.
1.
How much will Lilly have in 2020?
2.
When will Mark have $50,000?
3.
In what year will Lilly have more money than Mark?