Finance Chapter 8 and Chapter 9

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Complete the following homework scenario:

  • Bob and Lisa are both married, working adults. They both plan for retirement
    and consider the $2,000 annual contribution a must.

    First, consider
    Lisa’s savings. She began working at age 20 and began making an annual
    contribution of $2,000 at the first of the year beginning with her first year.
    She makes 13 contributions. She worked until she was 32 and then left full time
    work to have children and be a stay at home mom. She left her IRA invested and
    plans to begin drawing from her IRA when she is 65.

    Bob started his IRA
    at age 32. The first 12 years of his working career, he used his discretionary
    income to buy a home, upgrade the family cars, take vacations, and pursue his
    golfing hobby. At age 32, he made his first $2,000 contribution to an IRA, and
    contributed $2,000 every year up until age 65, a total of 33 years /
    contributions. He plans to retire at age 65 and make withdrawals from his

    Both IRA accounts grow at a 7% annual rate. Do not consider any tax

    • Write a two to three (2-3) paragraph summary in which you:
      Create a chart
      summarizing the details of the investment for both Bob and Lisa.
    • Explain the results in terms of time value of money.

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