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Tom starts investing $250 per month at age 20. Bob starts investing $250 per month at...

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Finance

Tom starts investing $250 per month at age 20. Bob startsinvesting $250 per month at age 30. Both Tom and Bob are the sameage and can each earn 8 percent on their invested funds. If bothretire at age 60, how much more will Tom have in his retirementaccount compared to Bob?

A. $500,162

B. $600,162

C. $700.162

D. $400,162

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Transcribed Image Text

Tom starts investing $250 per month at age 20. Bob startsinvesting $250 per month at age 30. Both Tom and Bob are the sameage and can each earn 8 percent on their invested funds. If bothretire at age 60, how much more will Tom have in his retirementaccount compared to Bob?A. $500,162B. $600,162C. $700.162D. $400,162

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