Joan Is Diligent And,starting on Her 19^th Birthday,she Deposits $1,000

question 48

Multiple Choice

Joan is diligent and,starting on her 19^th Birthday,she deposits $1,000 in a bank account that pays an interest rate of 10%.She continues to save for six more years culminating on her 25^th birthday.After that birthday she stops saving but leaves her accumulated savings in a bank account for 40 years (to age 65) .Roseanne is a partier and doesn't start saving until her 26th birthday,at which time she starts saving $1,000 a year until her 65th birthday.(Assume that Roseanne also earns a rate of 10%.) Who has more at age 65?

• A) Roseanne
• B) Joan
• C) They will have the same amount of money.

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