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Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use...

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Accounting

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Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use erther the formula or the financial calculator. Aound your answers to the nearest cent.) Manuel, age 40 , is starting his savings plan this year by putting away $2,200.00 at the end of every year until he reaches age 65 . He will deposit this money at his local savings and loan at an interest rate of 6%. The compounding factor is 36.780 . Based on the information provided, by the time Manuel turns 65 , he will have Poomima, age 45 , is starting her savings plan this year by putting away $2,200.00 at the end of every year until she reaches age 65. She will deposit this money at her local savings and loan at an interest rate of 6%. The compounding factor is 23,270 . Based on the information provided, by the time Poornima turns 65 , she will have Manuel started his investment program five years earlier than Poornima and invested a total of $ duning those extra years. By the time Manuel turns 65 , he will have accumulated more than Poornima

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