Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct?

Resulta are below.

Explanation:

Giving the following information:

Nan:

Initial investment= $5,000

Interest rate= 7% compounded annually

Number of years= 60 - 25= 35

Neal:

Initial investment= $5,000

Interest rate= 7% compounded annually

Number of years= 60 - 30= 30

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

Nan:

FV= 5,000*(1.07^35)

FV= $53,382.31

Neal:

FV= 5,000*(1.07^30)

FV= $38,061.28

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