Question: Patrick begins contributing the maximum amount to an IRA as soon as he has income, beginning at age 16 in 2020. Assuming that he continues

Patrick begins contributing the maximum amount to an IRA as soon as he has income, beginning at age 16 in 2020. Assuming that he continues to contribute this same amount (in other words, ignoring any increases in the maximum contribution or catch up amounts) and that he earns 10% on his savings, how much will he have available for retirement at age 67? Assume annual compounding.

$7,687,796.29

$24,985,337.94

$74,315,364.14

$15,382,948.16

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