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In: AccountingAssume that 25-year-old Denise wastes $10 per week buyinglottery tickets, averaging $520 per year. Now...Assume that 25-year-old Denise wastes $10 per week buyinglottery tickets, averaging $520 per year. Now let's assume thatDenise "sees the light" and decides to take that $520 she wouldhave spent on lottery tickets and deposit it at the end of eachyear in an annuity paying 6% compounded annually.By now, Denise is 45 years old. She's got a pretty good job, butshe's starting to think about retirement and realizing that SocialSecurity just isn't enough to live on after age 65. Since her IRApays a little better interest than that 6% annuity paid, shedecides to move all the 6% money into the IRA account with theother money. IRA account pays 7% compounded monthly.a. How much total money does she begin with in the IRA accountat this point?Up to this point, Denise has been saving $1000 a year($520+$480). Because she's making better money now, she wants toincrease her investment in herself by putting $150 a month ($1800 ayear) into the IRA account on top of the money that's already inthere.