4. Calculating an IRA Accumulation. Janine is 27 and has a good job at a biotechnology company. She currently has $6,000 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 6 percent, and she plans to leave it untouched until she retires at age 67. Janine estimates that she will need $850,000 in her total retirement nest egg by the time she is 67 in order to have retirement income of $24,000 a year (she expects that Social Security will pay her an additional $16,000 a year). How much will Janine's IRA be worth when she needs to start withdrawing money from it when she retires? (Hint: Use Exhibit A-1 in the appendix to Chapter 1.) Years to retirement = 40 Her current IRA=$ Annual growth rate=6% Future Value (compounded sum) after 40 years @ 6% growth = $_