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shadesha invests $24,000 at age 27. at the age 31 jerome invests $2000 annually until retirement both invest at 7% compounded annually to plan to retire at 65 who has more money for retirement

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sarkhan2018
Applying the compounded interest formula [tex]FV_{N}=PV(1+r)^{N} [/tex] we can write that Shadesha will earn for the retirement [tex]FV_{38} = 24000 (1+0.07)^{38} = $313,902.513879[/tex]
Applying annuity formula, Jerome will earn [tex]FV_{34}=2000( \frac{(1+0.07)^{34}-1 }{0.07}) = $256,517. 529629 [/tex]
Shadesha will have more money

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