The contribution into an IRA for a particular year can be made any time from January 1 of that year to April 15 of the following year. Suppose Enid and Lucy both set up traditional IRA accounts on January 1 of 2006 and each contributes ​$4,000 into her account for ten years at 5​% interest compounded annually. Assume that Enid makes her contributions as soon as possible and Lucy makes her contributions one year later. Calculate the balances in the two accounts at the time Lucy makes her final contribution. ​Enid's balance is ​$   ​Lucy's balance is ​$

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Q: RMD

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Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.