You have just made your first $5,000 contribution to your individual retirement account. Assume you earn...

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You have just made your first $5,000 contribution to your individual retirement account. Assume you earn a 11.25 percent rate of return and make no additional contributions. Requirement 1: What will your account be worth when you retire in 40 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount $ Requirement 2: What if you wait 10 years before contributing? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount $ You have just made your first $5,000 contribution to your individual retirement account. Assume you earn a 11.25 percent rate of return and make no additional contributions. Requirement 1: What will your account be worth when you retire in 40 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount $ Requirement 2: What if you wait 10 years before contributing? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Amount $

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Requirement 1 Using the future value formula for a single lump sum invest... View the full answer