There are two brothers; Percy and Liam. They both have the goal to retire at the age of 65 with one million dollars in their respective bank accounts. They have been talking to people familiar with the stock market, who assure them that over long periods of time they will be able to earn an 8% return by investing. ANNUITIES Percy decides that instead of doing a one-time payment, he is going to save a little bit each month. If he begins saving $350 per month at age 25, will he meet his goal? (2) Liam follows his brother and begins to save $350 per month – except he again waits until he is 35. How much less will Liam have than his brother at retirement? .
(1) SITUATION There are two brothers; Percy and Liam. They both have the goal to retire at the age of 65 with one million dollars in their respective bank accounts. They have been talking to people familiar with the stock market, who assure them that over long periods of time they will be able to earn an 8%
(2) Liam follows his brother and begins to save $350 per month – except he again waits until he is 35. How much less will Liam have than his brother at retirement? .
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