Answer:
- Julio: $207,859.80
- Max: $166,930.25
Step-by-step explanation:
The formulas you need are those for an ordinary annuity and for future value.
Ordinary annuity
A = P((1+r)^t -1)/r . . . . . where r is the annual rate, t is the number of years, and P is the annual payment into the account
Future value
FV = P(1+r)^t . . . . variables defined as above, except P is the principal invested at the beginning of the interval
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Julio's account
For the period Julio is making payments into the account, the account grows to the value given by the annuity formula:
A = 1500(1.061^15 -1)/0.061 ≈ 35,181.06
Then the future value of that account after 30 more years is ...
FV = $35,181.06(1.061^30) = $207,859.80 . . . at age 65
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Max's account
The value of Max's annuity is ...
A = $3000(1.061^25 -1)/0.061 = $166,930.25 . . . at age 65
