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Lisa and Mark married at age 20. Each year until their 30th birthdays, they put...

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Question

Finance

Lisa and Mark married at age

20.

Each year until their

30th

birthdays, they put

$2,700

into their traditional IRAs. By age

30,

they had bought a home and started a family. Although they continued to make contributions to their employer-sponsored retirement plans, they made no more contributions to their IRAs. If they receive an average annual return of

6%,

how much will they have in their IRAs by age

60?

What was their total investment?

Part 2

If they receive an average annual return of

6%,

the amount they will have in their IRAs by age

60

is

$enter your response here.

(Round to the nearest dollar.)

Part 3

Their total investment was

$enter your response here.

Answer & Explanation Solved by verified expert
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