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:
FVA = W x (1 + i)n - 1 where FVA is the future value
i W is the amount required to deposit ...
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.