Mitch and Bill are both age 75. When Mitch was 25 years old, he
began deposited...
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Mitch and Bill are both age 75. When Mitch was 25 years old, hebegan deposited $1400 per year into a savings account. He madedeposits for the first 10 years, and which point he was forced tostop making deposits. However he left his money in the account,where it continued to earn interest for the next 40 years. Billdidn’t start saving until he was 45 years old, but for the next 30years he made annual deposit of $1400. Assume that both accountsearned an average annual return of 6% compounded once a year.Complete parts a through d below.
A. how much money does Mitch have in his account at age75?
( round to the nearest cent as needed )
B. how much money does Bill have in his account at age of75?
C. compare the amounts of money that Mitch and Bill depositinto their accounts
D. draw a conclusion about this parable
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