3. Meagan invests $1,200 each

year in an IRA for 12 years in an account that earned 5%

compounded annually. At the end of 12 years, she stopped making payments to the

account, but continued to invest her accumulated amount at 5% compounded annually for

the next 11 years.

a.What was the value of the Ira at the end of 12 years?

b.What was the value of the investment at the end of the next 11 years?

c.How much interest did she earn?

Show your work and breakdown on how you solved the problems.!