Mitch and Bill are both age 75 When Mitch was 25 years old, he began...
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Mitch and Bill are both age 75 When Mitch was 25 years old, he began depositing S1000 per year into a savings account. He made deposits for the first 10 years at which point he was forced to stop making deposits. However he left his money in the account, where it continued to earn interest for the next 40 years. Bill didn't start saving until he was 49 years old, but for the next 26 years he made annual deposits of $1000 Assume that both accounts earned an average annual retum of 5% (compounded once a year) Complete parts (a) through (d) below. a How much money does Mitch have in his account at age 75? At age 75, Mitch has sin his account (Round to the nearest cent as needed) ity
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