You annually invest $1,000 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same starting at age 35 and makes the contributions for 25 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60? the larger amount.
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APPENDIX NOT PROVIDED. I HAVE USED ONE WHICH I HAVE. ALL FV FACTORS ARE ROUNDED TILL 4 DECIMALS
You annually invest $1,000 in an individual retirement account (IRA) starting at the age of 20...
You contribute $1,000 annually to a retirement account for eight years and stop making payments at the age of 25. Your twin brother (or sister . . . whichever applies) opens an account at age 25 and contributes $1,000 a year until retirement at age 65 (40 years). You both earn 10 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accoun
Problem 7-28 You contribute $2,000 annually to a retirement account for nine years and stop making payments at the age of 40. Your twin brother (or sister . . . whichever applies) opens an account at age 40 and contributes $2,000 a year until retirement at age 65 (25 years). You both earn 12 percent on your investments. How much can each of you withdraw for 25 years (that is, ages 66 through 90) from the retirement accounts? Use Appendix...
You contribute $1,000 annually to a retirement account for eight years and stop making payments at the age of 25. Your twin brother (or sister . . . whichever applies) opens an account at age 25 and contributes $1,000 a year until retirement at age 65 (40 years). You both earn 10 percent on your investments. How much can each of you withdraw for 20 years (that is, ages 66 through 85) from the retirement accounts? PLEASE PROVIDE INPUTS AND...
anwer is part as well. Starting at age 35, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account continuously, how much will be in the account 30 years later, when ou retire at age 65? How much of the final amount is What is the value of the IRA when you turn 65? S (Round to the nearest dollar as needed.) an RA acountforreti e ment Treat the yearly deposits into...
Mary, age 27, annually invests $1,000 in an IRA starting this year through the year of her 35th birthday, and then never makes another contribution. Sara, age 36, annually invests $1,000 in an IRA through the year of her 65th birthday. If both Mary and Sara can earn 8% on their investments, who will have more in her IRA account when she retires at the end of her 65th year AND approximately how much more will she have in her...
You contribute $2,000 annually to a retirement account for seven years and stop making payments at the age of 45. Your twin brother (or sister . . . whichever applies) opens an account at age 45 and contributes $2,000 a year until retirement at age 65 (20 years). You both earn 9 percent on your investments. How much can each of you withdraw for 25 years (that is, ages 66 through 90) from the retirement accounts? You can withdraw $...
Cole starts an IRA (Individual Retirement Account) at the age of 36 to save for retirement. He deposits $450 each month. Upon retirement at the age of 65, his retirement savings is $594,249.92. Determine the amount of money Cole deposited over the length of the investment and how much he made in interest upon retirement. Total Deposited: $ I = $
suppose that one opens an individual retirement account (IRA) at age 25 and makes annual investments of $2000 thereafter in a continuous manner. Assuming a rate of return of 8%, what will be the balance in the IRA at age 65?
At age 25, someone sets up an IRA (individual retirement account) with an APR of 6%. At the end of each month he deposits $95 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period. After retirement the IRA will contains (Do not round until the final answer. Then round to the nearest cont as needed.)
Bill plans to fund his individual retirement account (IRA) with the maximum contribution of $2,000 at the end of each year for the next 20 years. If Bill can earn 12 percent on his contributions, how much will he have at the end of the twentieth year?