(Solved): Consider the compound interest effect in the following two scenarios. (Note: In your calculations, ...

Consider the compound interest effect in the following two scenarios. (Note: In your calculations, use either the formula or the financial calculator. Round your answers to the nearest cent.) Bob, age 30, is starting his savings plan this year by putting away $$\$2,900.00$$ at the end of every year until he reaches age 65 . He will deposit this money at his local savings and loan at an interest rate of $$6\%$$. The future value annuity interest factor is $$111.4348$$. Based on the information provided, by the time Bob turns 65 , he will have Cho, age 35 , is starting her savings plan this year by putting away $$\$2,900.00$$ at the end of every year until she reaches age 65 . She will deposit this money at her local savings and loan at an interest rate of $$6\%$$. The future value annuity interest factor is $$79.0582$$. Based on the information provided, by the time Cho turns 65 , she will have Bob started his investment program five years earlier and set aside more than Cho. By the time Bob turns 65 , he will have accumulated more than Cho.