arrangement $($IRA$).$ The IRA will earn a return of $12\%$ over the next $25$ years.

a$.$ If Hal makes end$-$of$-$year $$2,200$ deposits into the IRA, how much will he have accumulated in $25$ years when he turns $60?$

b$.$ If Hal decides to wait until age $45$ to begin making end$-$of$-$year $$2,200$ deposits into the IRA, how much will he have accumulated when he retires $15$ years later?

c$.$ Using your findings in parts a and $b,$ discuss the impact of delaying deposits into the IRA for $10$ years $($age $35$ to age $45)$ on the amount accumulated by the end of Hal's $60$ th year.

a$.$ If Hal makes annual end$-$of$-$year $$2,200$ deposits into the IRA, the amount he will have accumulated by the end of his $60$ th year is $$.($Round to the nearest cent.$)$

b$.$ If Hal decides to wait until age $45$ to begin making annual end$-$of$-$year $$2,200$ deposits into the IRA, the amount he will have accumulated by the end of his $60$ th year is $$.($Round to the nearest cent.$)$

answer below.$)$

d$.$ If Hal makes annual beginning$-$of$-$year $$2,200$ deposits into the IRA, the amount he will have accumulated by the end of his $60$ th year is $$.($Round to the nearest cent.$)$

If Hal decides to wait until age $45$ to begin making annual beginning$-$of$-$year $$2,200$ deposits into the IRA, the amount he will have accumulated by the end of his $60$ th year is $

Both deposits

due to the extra year of compounding from the beginning$-$of$-$year deposits instead of the end$-$of$-$year deposits. The incremental change in the

$($Round to the nearest cent.$)$

deposit due to the larger sum on which the last year of compounding occurs. $($Select from the drop$-$down menus.$)$

annuity is much larger than the incremental compounding on the