Problem 18-5 Calculating an IRA Accumulation [LO18-5] 1. When Jamal graduated from college recently, his parents gave him $1,400 and told him to use it wisely. Jamal decided to use the money to start a retirement account. After doing some research about different options, he put the entire amount into a tax-deferred IRA that pays 19 percent interest, compounded annually. Calculate how much money Jamal will have in his IRA at the end of 10 years, assuming that the interest rate remains the same and that he does not deposit any additional money. Round time value factor to 3 decimal places and answer to 2 decimal places. IRA balance A 2. Janine is 35 and has a good job at a biotechnology company. Janine estimates that she will need $943,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $28,000 a year. (She expects that Social Security will pay her an additional $22,500 a year.) She currently has $2,000 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 13 percent, and she plans to leave it untouched until she retires at age 65. How much money will Janine have to accumulate in her company's 401(k) plan over the next 30 years in order to reach her retirement income goal? Round time value factor to 3 decimal places. Round intermediate and final answer to 2 decimal places. 401(k) accumulation 3. Calculate how much you would have in 15 years if you saved $11,500 a year at an annual rate of 9 percent with the company contributing $2,875 a year. Round time value factor to 3 decimal places and answer to 2 decimal places. Future value