Terry Jones, a 22-year-old college graduate, wishes to retire at age 65. To supplement other sources...
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Terry Jones, a 22-year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $5,000 each year into a tax-deferred individual retirement account (IRA). The IRA will earn an 11% return over the next 43 years. If Terry makes annual end-of-year $5,000 deposits into the IRA, how much will he have accumulated by the end of his 65th birthday? A. $49,437.55 B. $2,420,461.92 C. $3,995,327.33 D. $4,394,860.06 E. None of the above 16. If Terry makes annual beginning-of-year $5,000 deposits into the IRA, how much will he have accumulated by the end of his 65th birthday? A. $49,437.55 B. $242,046.19 C. $2,420,461.92 D. $4,434,813.33 E. None of the above Terry Jones, a 22-year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $5,000 each year into a tax-deferred individual retirement account (IRA). The IRA will earn an 11% return over the next 43 years. If Terry makes annual end-of-year $5,000 deposits into the IRA, how much will he have accumulated by the end of his 65th birthday? A. $49,437.55 B. $2,420,461.92 C. $3,995,327.33 D. $4,394,860.06 E. None of the above 16. If Terry makes annual beginning-of-year $5,000 deposits into the IRA, how much will he have accumulated by the end of his 65th birthday? A. $49,437.55 B. $242,046.19 C. $2,420,461.92 D. $4,434,813.33 E. None of the above
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Related Book For
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter
Posted Date:
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