Problem 18-3 Calculating an IRA Accumulation (LO18-5] Janine is 40 and has a good job at a biotechnology company. Janine estimates that she will need $974,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $22,500 a year. (She expects that Social Security will pay her an additional $16.500 a year.) She currently has $7,500 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 8 percent, and she plans to leave it untouched until she retires at age 65. How much will Janine's IRA be worth when she needs to start withdrawing money from it when she retires? Use Exhibit 1-A. (Round time value factor to 3 decimal places and answer to 2 decimal places.) Future value of RA sum) of $1 atragen number of time periods exhibit Apng 1,1121043 1.001 106 - 1.099 1.11 104 1.135 1.126 1.218 1.275 -- 1. 1.23 1.267 1.195 1.477 1.591 1.343 1.484 1.71 1.469 1.513 2133 2.397 244 1.653 1.4 37090 888E 4717 5142 5.601 3.623 11.200 5.427 1.243 348 LLIB CES 1.762 1.974 2.211 13 24 2.658 2.773 SECCHE----- 3.252 3.707 4226 6.777 11 17.12 6.801 7.138 6.254 1.117 11.59 18 20012002 9.30 0.24 12.46 1020 12.373 14.212 1942 194103 3.613 10 197 12.056 P 16.777 19.401 . 21.10 214 17 24 33 7501701 11111