Problem $7-04$

You annually invest $$2,000$ in an individual retirement account $($IRA$)$ starting at the age of $20$ and make the contributions for $10$ years. Your twin sister does the same starting at age $35$ and makes the contributions for $25$ 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.