Ruby is 25 and has a good job at a biotechnology company. She currently has $12,400 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 8 percent, and she plans to leave it untouched until she retires at age 65 Ruby estimates that she will need $875,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $20,000 a year (she expects that Social Security will pay her an additional $15,000 a year) a. How much will Ruby's IRA be worth when she needs to start withdrawing money from it when she retires? Use Exhibit 1:A. (Round FV factor to 3 decimal places and final answer to the nearest whole dollar.) Future value of RA b. How much money will she have to accumulate in her company's 401(k) plan over the next 40 years in order to reach her retirement income goal? (Round your answer to the nearest whole dollar.) Required futuro value of 401(k) poud 1% NG 10% 11% 1 100 ha 150 00 to 102 FE 03 100 000 SE WOL 1205 10 104 NE 158 1001 POL 1 WE 1600 GNOL +104 RE FI LSI 18 7 1201 110 NE 11 W OPS E 8 1901 OLSO 2172 WE 1105 12:10 144 14 2.957 10 11 NE OUT WE 1.13 13 CH 113 ME I GE 24 272 11 131 E LET 29 16 1.373 17 16 18 2.54 14 1653 5 26 GET 3054 15 BE 19 STI E NE Di 19 146 you 2 SCH 61 CONS SCBN ARO Het DE T 1740 220 CHE om OCH Period 1 7 150 14 ZA $ 2011 7 WE WE E . ama 30 LE KE BEY O w LT EN