Kim Edwards and Chris Phillips are both newly minted thirty-year-old MBAs. Kim plans to invest $1,000 per month into her 401(k) beginning next month. Chris intends to invest $2,000 per month in his 401(k), but he does not plan to begin investing until ten years after Kim begins investing.
Both Kim and Chris will retire at age sixty-seven, and their 401(k) plans average a 12 percent annual return. Who will have more 401(k) money at retirement?