1.William and James are twin brothers aged 65.Thirty-five years ago (at the end of the year when he reached age 30), William started an IRA (individual retirement account), putting $2,000 per year in the account at the end of each year.After 10 years of contributions, William stopped making new deposits but left the accumulated contributions in the IRA fund.The fund produced returns of 10 percent per year.No taxes are paid.James started his own IRA at the end of the year when he reached age 40 (25 years ago) and contributed $2,000 per year, making his last contribution today.Thus James invested 2 times as much as William.James also earned 10 percent on his investments (tax free).

a)What are the values of William's and James' IRA funds today?

b)What personal finance lesson does this exercise suggest?