bob and cindy are the same age. at age 25, cindy began saving $2,000 a year while bob saved nothing. at age…

bob and cindy are the same age. at age 25, cindy began saving $2,000 a year while bob saved nothing. at age 50, bob realized that he needed money for retirement and started saving $4,000 per year while cindy kept saving her $2,000. now they are both 75 years - old. who has the most money in his or her retirement account?\na. bob, because he saved twice as much money as cindy each year that he saved.\nb. cindy, because her money has grown for a longer time with compound interest.\nc. cindy, because she has put away more money in total than bob did.\nd. they would each have the same amount because they put away exactly the same amount.

bob and cindy are the same age. at age 25, cindy began saving $2,000 a year while bob saved nothing. at age 50, bob realized that he needed money for retirement and started saving $4,000 per year while cindy kept saving her $2,000. now they are both 75 years - old. who has the most money in his or her retirement account?\na. bob, because he saved twice as much money as cindy each year that he saved.\nb. cindy, because her money has grown for a longer time with compound interest.\nc. cindy, because she has put away more money in total than bob did.\nd. they would each have the same amount because they put away exactly the same amount.

Answer

Brief Explanations:

Cindy started saving at age 25 and had her money growing with compound - interest for 50 years (75 - 25). Bob started at age 50 and saved for 25 years (75 - 50). Even though Bob saved $4,000 per year and Cindy saved $2,000 per year, Cindy's money had more time to compound.

Answer:

B. Cindy, because her money has grown for a longer time with compound interest.