Question: The contribution into an IRA for a particular year can be made any time from January 1 of that year to April 15 of the

The contribution into an IRA for a particular year can be made any time from January 1 of that year to April 15 of the following year. Suppose that Enid and Lucy both set up traditional IRA accounts on January 1 of 2017 and each contributes $5000 into her account for 10 years at 6% interest compounded annually. Assume that Enid makes her contributions as soon as possible and Lucy makes her contributions 1 year later. Calculate the balances in the two accounts at the time Lucy makes her final contribution?

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