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Tanishas IRA earns 8% per year. Tanisha deposits $2000 annually in her IRA until she turns 31. She does not put another penny in her
Tanishas IRA earns 8% per year. Tanisha deposits $2000 annually in her IRA until she turns 31. She does not put another penny in her IRA after she turns 31. Isaac continues to spend $2000 on various activities and items each year until he turns 31. At age 31, Isaac decides its time to start saving. He opens an IRA with an initial deposit of $2000 and gets the same 8% interest rate that Tanisha earned. Isaac continues to invest $2000 every year until he turns 65. Complete the chart below:
\begin{tabular}{|c|c|c|c|c|} \hline Age & Tanisha & Investment & Isaac & Investment \\ \hline 23 & $2,160 & $2,000 & $0 & $0 \\ \hline 24 & $2,333 & $2,000 & $0 & $0 \\ \hline 25 & $2,520 & $2,000 & $0 & $0 \\ \hline 26 & $2,722 & $2,000 & $0 & $0 \\ \hline 27 & & $2,000 & $0 & $0 \\ \hline 28 & & $2,000 & $0 & $0 \\ \hline 29 & & $2,000 & $0 & $0 \\ \hline 30 & & $2,000 & $0 & $0 \\ \hline 31 & & $0 & $2,160 & $2,000 \\ \hline 32 & & $0 & $2,333 & $2,000 \\ \hline 33 & & $0 & $2,520 & $2,000 \\ \hline 34 & & $0 & $2,722 & $2,000 \\ \hline \multicolumn{5}{|l|}{35} \\ \hline \multicolumn{5}{|l|}{36} \\ \hline \multicolumn{5}{|l|}{37} \\ \hline \multicolumn{5}{|l|}{38} \\ \hline \multicolumn{5}{|l|}{39} \\ \hline \multicolumn{5}{|l|}{40} \\ \hline \multicolumn{5}{|l|}{41} \\ \hline \multicolumn{5}{|l|}{42} \\ \hline \multicolumn{5}{|l|}{43} \\ \hline \multicolumn{5}{|l|}{44} \\ \hline \multicolumn{5}{|l|}{45} \\ \hline \multicolumn{5}{|l|}{46} \\ \hline \multicolumn{5}{|l|}{47} \\ \hline \multicolumn{5}{|l|}{48} \\ \hline \multicolumn{5}{|l|}{49} \\ \hline \multicolumn{5}{|l|}{50} \\ \hline \multicolumn{5}{|l|}{51} \\ \hline 52 & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|} \hline 53 & & & & \\ \hline 54 & & & & \\ \hline 55 & & & & \\ \hline 56 & & & & \\ \hline 57 & & & & \\ \hline 58 & & & & \\ \hline 59 & & & & \\ \hline 60 & & & & \\ \hline 61 & & & & \\ \hline 62 & & & & \\ \hline 63 & & & & \\ \hline 64 & & & & \\ \hline 65 & & & & \\ \hline \end{tabular}Step by Step Solution
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