ng Enabled: Midterm I (Chapters 01-04)
2
You have just made your first $5,600 contribution to your individual retirement account.
Assume you earn a 10.35 percent rate of return and make no additional contributions.
Requirement 1:
What will your account be worth when you retire in 35 years? (Enter rounded answer as
directed, but do not use rounded numbers in intermediate calculations. Round your
answer to 2 decimal places (e.g., 32.16).)
Amount
$
Requirement 2:
What if you wait 10 years before contributing? (Enter rounded answer as directed, but
do not use rounded numbers in intermediate calculations. Round your answer to 2
decimal places (e.g., 32.16).)
Amount
$