Value of an IRA (a) Tanya invested $2000 in an IRA each year for 10 years earning 4%
Chapter 6, Problem 36(choose chapter or problem)
Value of an IRA (a) Tanya invested $2000 in an IRA each year for 10 years earning 4% compounded annually. At the end of 10 years she ceased the IRA payments, but continued to invest her accumulated amount at 5% compounded annually, for the next 30 years. What was the value of her IRA investment at the end of 10 years? What was the value of her investment at the end of the next 30 years? (b) Carol waited 10 years and started her IRA investment in the 11th year and invested $2000 per year for the next 30 years at 6% compounded annually. What was the value of her investment at the end of 30 years? (c) Who had more money at the end of the 40 year period?
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