Answer to Question #76253 in Financial Math for david

Question

At age 21 Julio begins saving ​$1 comma 250

each year until age 35 ​(15

​payments) in an ordinary annuity paying 5.7
​%
annual interest compounded yearly and then leaves his money in the account until age 65​ (30 years). His friend Max begins at age 41 saving ​$2 comma 500

per year in the same type of account until age 65​ (25 payments). How much does each have in his account at age​ 65?