Question
Daniel decides to get an early start on retirement saving. Beginning at age 22, he invests $3,600 per year in a Roth IRA for 8
Daniel decides to get an early start on retirement saving. Beginning at age 22, he invests $3,600 per year in a Roth IRA for 8 years in a row. At that point, he stops contributing to the account but leaves the money invested until age 65 (a period of 33 years). Harry doesnt start investing until hes 32 but from then on invests $3,600 in a Roth IRA each year for 33 years until retirement at age 65. If both men earn 8 percent per year on their investments, compounded annually. which one has more in the account when he reaches age 65? Calculate the future value of Daniel and Harry's Roth IRA Accounts?
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