Problem $4-18$ Calculating Future Values $[$LO $1]$

You have just made your first $$4,500$ contribution to your individual retirement account. Assume you earn an annual return of $11\mathrm{.}3$

percent and make no additional contributions.

a$.$ What will your account be worth when you retire in $39$ years?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ What if you wait $10$ years before contributing?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

a$.$ Account value if you start now

b$.$ Account value if you wait $10$ years