Lucius Starts Saving $100 Per Month at Age 25 and Averages

Lucius starts saving $100 per month at age 25 and averages 6% per year compounded monthly.Hector starts saving $1,215.22 per month at age 55 and averages 6% per year compounded monthly.Who will be better off at age 65 assuming neither had in money in their account when they started?

A) Lucius will have $15,476.20 and Hector will have $16,017.57 at age 65.
B) Lucius will have $199,149.07 and Hector will have $163,879.34 at age 65.
C) They both will have the same amount of money in their accounts at age 65.
D) Not enough information available.

Correct Answer:

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