You have just made your first $4,000 contribution to your individual retirement

Question

You have just made your first $4,000 contribution to your individual retirement account. Assume you earn a 10.75 percent rate of return and make no additional contributions.

Requirement 1:

What will your account be worth when you retire in 45 years? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Amount $

Requirement 2:

What will your account be worth if you wait 10 years before contributing? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Amount $

Explanation / Answer

N=45 PV=4000 I=.1075 PMT=0 FV=? -395,847.64 N=35 PV=4000 I=.1075 PMT=0 FV=? -142,590.54

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