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April 1, 2015

Homework Help: mathmodeling

Posted by fazilah on Thursday, August 18, 2011 at 4:33am.

Person A opens an IRA at age 25, contributes $2000 per year for 10 years, but makes no additional contributions
thereafter. Person B waits until age 35 to open an IRA and contributes $2000 per years for 30 years. There is
no initial investment in either case.

a) Assuming an interest rate of 8%, what is the balance in each IRA at age 65?

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