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You annually invest $1,000 in an individual retirement account (IRA) starting at the age of...

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You annually invest $1,000 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 10 years. Your twin sister does the same starting at age 35 and makes the contributions for 30 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: \$ Who has the larger amount at age 65? the larger amount. swered Partially Correct A sen-emproyeu person ueposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. a. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 50 ? $ b. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions? $ c. How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70

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