(solution) Mitch and Bill are the same age. When Mitch is 25 years old he

(solution) Mitch and Bill are the same age. When Mitch is 25 years old he

Mitch and Bill are the same age. When Mitch is 25 years old he begins depositing $100 every month into a long term savings plan. He consistently makes these deposits for 10 tears, at which point he is forced to stop making deposits of any kind. However he leaves his money in this same account for the next 40 years. (where it continues to earn interest that is compounded monthly) Bill on the other hand doesn’t start saving until he is 35 years old. At that point in his life (age 35) and for the next 40 years after that he makes consistent monthly deposits of $100. Assume that both accounts earn interest at an annual percentage rate of 7% and interest in both accounts is compounded monthly.    How much money do Bill and Mitch have in their individual accounts by age 75?