Karen has been depositing $150 at the end of each month in a tax-free retirement account since she was 20. Matt, who is the same age as Karen, started depositing $200 at the end of each month in a tax-free retirement account when he was 25. Assuming that both accounts have been and will be earning interest at the rate of 6%/year compounded monthly, who will end up with the larger retirement account at the age of 65, Karen or Matt?
What will be an ideal response?
Karen
Mathematics
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[-3]
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