Question

Q1 Hal Thomas, a 25-year-old college graduate, wishes to retire at age 65. To
supplement other sources of retirement income, he can deposit $2,000 each year into a taxdeferred Individual Retirement Arrangement (IRA). The IRA will earn a 10% return over
the next 40 years.
a. If Hal makes annual end-of-year $2,000 deposits in the IRA, how much will he have
accumulated by the end of his sixty-fifth year?
b. If Hal decides to wait until age 35 to begin making annual end-of-year $2,000
deposits into the IRA, how much will he have accumulated by the end of his
sixty-fifth year?
c. Using your findings in parts a and b, discuss the impact of delaying making
deposits into the IRA for 10 years (age 25 to age 35) on the amount accumulated by
the end of Hal's sixty-fifth year.
d. Rework parts a, b, and c, assuming that Hal makes all deposits at the beginning,
rather than the end, of each year. Discuss the effect of beginning-of-year deposits on
the future value accumulated by the end of Hal's sixty-fifth year

Answer 1

Answer:

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Answer 2

Answer:

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