Bill Starts a Retirement Fund at Age 21 and Plans

question 129

Essay

Bill starts a retirement fund at age 21 and plans on depositing equal annual amounts on each birthday,starting at age 21,and ending at age 60.He wants to have $2 million at age 60.John starts his fund on his 30^th birthday.He wants to deposit equal annual amounts on each birthday starting on his 30^th birthday and ending on his 60^th birthday.John wants to have $2 million at age 60.If the investment funds earn 10% per year,calculate the amounts the Bill and John respectively will have to save each year (rounded to the nearest dollar)to meet their goals.Comment on the difference.

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Definitions:

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Dred Scott Case

A landmark Supreme Court case in 1857 which ruled that African Americans, whether enslaved or free, could not be American citizens and had no standing to sue in federal court.