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Finance homework assignment week 6

Question # 00284625
Subject: General Questions
Due on: 05/15/2016
Posted On: 05/13/2016 10:20 PM

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Complete the following homework scenario:

  • Bob and Lisa are both married, working adults. They both plan for retirement and consider the $2,000 annual contribution a must.

    First, consider Lisa’s savings. She began working at age 20 and began making an annual contribution of $2,000 at the first of the year beginning with her first year. She makes 13 contributions. She worked until she was 32 and then left full time work to have children and be a stay at home mom. She left her IRA invested and plans to begin drawing from her IRA when she is 65.

    Bob started his IRA at age 32. The first 12 years of his working career, he used his discretionary income to buy a home, upgrade the family cars, take vacations, and pursue his golfing hobby. At age 32, he made his first $2,000 contribution to an IRA, and contributed $2,000 every year up until age 65, a total of 33 years / contributions. He plans to retire at age 65 and make withdrawals from his IRA.

    Both IRA accounts grow at a 7% annual rate. Do not consider any tax effect.
  • Write a two to three (2-3) paragraph summary in which you:
    • Create a chart summarizing the details of the investment for both Bob and Lisa.
    • Explain the results in terms of time value of money.

Tags week aignment homework finance 0 consider contribution year working annual contributions home plans began lisa time years left vacations accounts iraboth make golfing total contributed grow pursue hobby retire withdrawals paragraph explain investment results

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Finance homework assignment week 6

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Posted On: 05/14/2016 02:32 PM
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Preview: $ x 26 x 18,520 $ x 27 $ xxxxxx $ x xx $ xxxxxx $ - xx $ 29,567 x - xx x 33,777 x - 31 x 38,281 $ x 32 x xxxxxx $ x 33 $ xxxxxx $ 2,140 xx $ xxxxxx x 4,430 xx $ 52,801 x 6,880 36 x 56,497 x xxxxx 37 x 60,451 $ xxxxxx 38 $ xxxxxx $ xxxxxx xx $ xxxxxx $ 18,520 xx $ 74,056 x 21,956 xx x 79,239 x 25,633 42 x 84,786 $ xxxxxx 43 x xxxxxx $ xxxxxx 44 $ xxxxxx $ 38,281 xx $ xxxxxxxx x 43,101 xx $ 1,11,137 x 48,258 47 x 1,18,917 x.....
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