8. [-/1.53 Points] DETAILS JMODD8 5.3.032. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER An Individual Retirement Account (IRA) is an annuity that is set up to save for retirement. IRAs differ from TDAS in that an IRA allows the participant to contribute money whenever he or she wants, whereas a TDA requires the participant to have a specific amount deducted from each of his or her paychecks. When Bo McSwine was 16, he got an after-school job at his parents' barbecue restaurant. His parents told him that if he put some of his earnings into an IRA, they would contribute an equal amount to his IRA. That year and every year thereafter, he deposited $700 into his IRA. When he became 21 years old, his parents stopped contributing, but Bo increased his annual deposit to $1,400 and continued depositing that amount annually until he retired at age 65. His IRA paid 6.75% interest. Find the following. (Round your answers to the nearest cent.) (a) The future value of the account $ (b) Bo's and his parents' total contributions to the account Bo's parents (c) The total interest $ (d) The future value of the account if Bo waited until he was 18 before he started his IRA $ (e) The future value of the account if Bo waited until he was 25 before he started his IRA $ Need Help? Read It Watch It Submit Answer