Question

Jill and Bill are the same age. Jill inherits $20,000 when she is 25, and invests it in an account earning 5% annual interest rate, compounded annually. Bill receives a $20,000 bonus at age 35, and then invests it in an account which also earns a 5% annual interest rate, compounded annually. How much more money does Jill have than Bill at age 50?

Answer 1

ok so the formula for this will be A = p (1+r/n) (nt)

Jill ends up with 26,148.54 more than Bill at age 50