You annually Invest $1,500 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same starting at age 30 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 60? 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 60?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same
starting at age 30 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
60? 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 60?
the larger amount.
-Select-
Transcribed Image Text:You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 20 and make the contributions for 15 years. Your twin sister does the same starting at age 30 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 60? 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 60? the larger amount. -Select-
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