Check My Work B eBook Problem 7-04 You annually invest $2,000 in an individual retirement account (IRA) starting at the age of 25 and make the contributions for 15 years. Your twin sister does the same starting at age 35 and makes the contributions for 30 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 65? You have . the larger amount. Hide Feedback Partially Correct Check My Work Interest Factors for the Future Value of One Dollar Time Period 180 ya) 5 7 BY 9X 10% 15% 16% 20 1 1010 1020 1030 1040 1050 1.060 1070 1.080 1090 1.100 1120 1140 1.150 1.160 1180 1.200 2 1.020 1040 1061 10821.102 1.124 1.145 1.166 1.188 1.210 1.254 1.300 1.322 1.3:46 1392 1.400 3 1.030 1061 1.093 1.125 1.158 1191 1225 1.260 1.295 1331 1405 1482 1.521 1.561 1643 1.728 4 1.041 1021126 170 1216 1.262 1311 1360 1.412 1.464 1.574 1.689 1.749 1811 1919 2.074 5 1051 1.104 1.159 1.217 1276 1338 1403 1.469 1539 1.611 1.762 1.925 2011 2.100 2.288 2488 6 1062 1.126 1.194 1.265 1.340 1.419 1501 1587 1677 1772 1.974 2.195 2.313 2.436 2.700 2.986 7 1072 11491230 1.316 1.407 1504 1606 1.714 1828 19:49 2.211 2502 2.660 2826 3186 3.583 8 1083 11721267 1369 1477 1.594 1718 1.851 199) 2144 2.476 2.853 3050 2.278 3.759 4.300 9 1094 1195 1.305 1423 1551 1689 1838 1999 2.172 2.358 2.772 3.252 3.518 3.803 4436 5.160 10 1.105 1.219 1344 1480 1629 1791 1967 2.159 2067 2.594 3.106 3.707 4046 4.411 5.214 6.192 11 1.116 124 1384 1.539 1710 1.898 2.105 2.332 2580 2 853 3.479 4.226 4652 5.117 6.176 7.430 12 1.127 1.268 1426 1601 1.296 2.012 2.252 2.518 2.813 2.138 3.896 4818 5.350 5.936 7.287 8916 13 1.138 1.294 1.469 1665 1.886 2.133 2410 2.720 3.066 3.452 4363 5.492 6.153 6 886 8.599 10.699 14 1.149 1319 1.513 1.722 1980 2.261 2.579 2.937 3.342 3.797 4887 6.261 7076 7988 10.147 12.839 15 1.161 1346 1558 1.801 2.079 2.397 2.759 3.172 3.642 4.177 5.474 7138 8.137 9.266 11973 15.407 16 1.173 1.373 1605 1873 2.183 2540 2.952 3.426 3.970 4.595 6.130 8.137 9.358 10.748 14 129 18.488 17 1.184 1.400 1.653 1948 2.292 2.693 3.159 3.700 4.328 5.054 6.866 9.276 10.761 12.468 16,672 22.186 18 1.196 1.428 1.7022026 2.407 2.854 3.380 3.996 4.717 5560 7.690 10.575 12.375 14.463 19.673 26.623 19 1.208 1457 1.754 2.107 2.527 3.026 3.617 4316 5.142 6.116 8.613 12.056 14.232 16.777 23.214 31.948 20 1.220 1486 1806 2.191 2.653 3.2073870 4.661 5.604 6.728 9.646 13.743 16 367 19.461 27.393 38.337 25 1.282 1.641 2.094 2.666 3.386 4.292 5.427 6.848 8.623 10.835 17.000 26.462 32.91940.874 62.688 95.396 30 1.348 1811 2.427 3.243 4322 5.743 7612 10.063 13.268 17449 29960 50.950 66 212. 85.850 143370 237.370 Interest Factors for the Future Value of an Annuity of One Dollar The Period a 1 2 3 4 5 15 1.000 2.010 3.000 4060 5.101 1.000 2020 3.060 4.122 5204 1.000 2030 3.091 4.184 5.309 4% 1.000 2.040 3.122 4.246 5.416 SK 1.000 2.050 3.152 4310 5576 1000 2.060 3.184 4.379 5.637 7% 1.000 2.070 3.215 4.440 5.751 8% 1.000 2.080 3.246 1.000 2.090 3.278 4.573 5.985 109 1.000 2.100 3.310 4.641 6.105 12% 1.000 2.120 3.374 4.770 6353 14 1.000 2.140 3.440 4.921 6.610 16% 1000 2.160 3.506 5.067 6.877 20% 1.000 2.200 3.640 5.368 7.442 5.867 6 7 8 9 10 6.152 7214 8286 9.369 10.462 6.308 7434 8.583 9.755 10.950 6.468 7662 8,892 10.150 11.464 6633 6.802 7898 8.142 9.214 9.549 10.583 11.027 12.006 12578 6.975 8394 9.807 11.491 13.181 7.153 8.654 10,260 11978 13.816 7.336 7523 8.922 9.200 10.637 11.028 12.488 13021 14.487 15 192 7.716 9.487 11436 13.579 15.937 8.115 10.089 12.300 14.776 17.549 8.536 10.730 33.223 16.085 19377 8.978 9.930 11.413 12.915 14240 16.499 17 518 20.798 21.321 25958 25.71232.150 30 850 39.580 36.786 48 496 43672 59.195 51.650 72.075 11 12 13 14 15 11.567 12,683 13.809 14 947 16.097 12.169 13.412 14.680 15.974 17.293 12.808 14.192 15.618 17036 18.599 13.486 15.026 16.627 18.292 20.024 14.207 15 917 17.713 19.599 21.579 14.972 16.870 18.882 21.051 23.276 15.784 17 888 20.141 22.550 25.129 16.665 17.560 18.531 20.655 18.977 20.141 21.384 24.138 21495 22.953 24.523 28.029 24.215 26.019 27.975 32.393 27.152 29.361 31.772 37.280 23.044 27.271 22089 37581 43.842 16 17 18 19 20 17.258 18.430 19.615 20.811 22.019 18.639 20.012 21.412 22.841 24297 20.157 21.762 23.414 25.117 26 870 21.825 23.608 25.645 27.671 29.778 23.657 25.840 28.132 30.539 33 066 25.673 28.213 30.906 33.760 36.786 27 888 30.840 33.999 37.379 40.995 30 324 23.750 37.450 41.446 45.762 33.003 36.974 41.301 46 018 51.160 35.950 40.545 45.599 51.159 57.275 42.753 50.980 48.88459.118 55.750 68 934 63.440 78.969 72.052 91025 60.925 87.442 71.673 105.93 84.140 128.11 98.60) 154.74 115.270 186 68 181.87 98.347 133.33 73.106 84.701 249.210 471.98 47.727 32.030 25 36.459 54.865 63.249 28.243 41.646 66,439 56 085 79,058 40.568 47.575 94461 113.283 136.308 164 494 241333356 878 530.31011818 30 34.785