Elijah James is in his early 30s and is thinking about opening an IRA. He can't decide whether to open a traditional/deductible IRA or a Roth IRA, so he turns to you for help. To support your explanation, you decide to run some comparative numbers on the two types of accounts; for starters, use a 30-year period to show Elijah what contributions of $5,000 per year will amount to (after 30 years) if he can earn, say, 11 percent on his money. Round your answers to the nearest dollar.

Traditional IRA $ ___________

Roth IRA $____________

Will the type of account he opens have any impact on this amount? Yes or No

Explain.