(Future value of an ordinaryannuity)You are graduating from college at the end of this semester...
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(Future value of an ordinaryannuity)You are graduating from college at the end of this semester and after reading the Business of Life box in thischapter, you have decided to invest $4,500 at the end of each year into a Roth IRA for the next 44 years. If you earn 10 percent compounded annually on yourinvestment, how much will you have when you retire in 44 years? How much will you have if you wait 10 years before beginning to save and only make 34 payments into your retirementaccount?
How much will you have when you retire in 44 years? __________ $ (Round to the nearestcent.)
How much will you have if you wait 10 years before beginning to save and only make 34 payments into your retirement account? $ __________(Round to the nearest cent.)
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