Amy G.

asked • 01/19/14

amount of interest earned

bob places $1000 a year in his IRA for ten years and then invests $2000 a year for the next ten years.  Mary places $2000 a year in her IRA for ten years and then invests $1000 a year for the next ten years.  They both have invested $30000.  If they earn 8 percent annually, how much more will Mary have earned than Bob at the end of 20 years?

4 Answers By Expert Tutors

By:

Steve S. answered • 01/19/14

Tutor
5 (3)

Tutoring in Precalculus, Trig, and Differential Calculus

Tom D.

I was somewhat surprised I got the same result that you did.  Although I was being careful, I had a few Margaritas in me ;-).
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01/20/14

Steve S.

Tom, It's ALWAYS good to have confirmation. Thanks!
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01/20/14

William S. answered • 01/19/14

Tutor
4.4 (10)

Experienced scientist, mathematician and instructor - William

Tom D. answered • 01/19/14

Tutor
New to Wyzant

Very patient Math Expert who likes to teach

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