Difference in Savings Account Balance
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Toni adds $3,000 to her savings on the first day of each year. Tim adds $3,000 to his savings on the last day of each year. They both earn a 9% rate of return. What is the difference in their savings account balances at the end of thirty years? The choices follow:
$35,822.73
$36,803.03
$38,911.21
$39,803.04
$40,115.31
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Solution Summary
This solution is comprised of a worded explanation along with calculations to answer what is the difference in their savings account balances at the end of thirty years.
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Answer: $36,803.03
FVA = W x (1 + i)n - 1 where FVA is the future value
i W is the amount required to deposit ...
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