Please, clarify in step 2/4, why 85-8 the exponent. the first 8 years of his retirement and the rest in 20-8 years since, they will retire at 65 and the life expectance is 85. In 3/4, in PV, why the exponent is 1. Also, I would like to know how you get the VF IRAs +$29,548.48 and the following question: 5. What will be the value of the Individual Retirement Accounts on July 31, 1998, if they grow 8 percent annually