An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding 9.8%. Joe deposits $5000 once each year, while Jill has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much will each have at age 65? (Round your answer to the nearest cent.)

Instructions are below.

Explanation:

Giving the following information:

Jill:

Weekly deposit= $96.15

The number of weeks= 30*52= 1,560

Interest rate= 0.098/52= 0.00189

Joe:

Annual deposit= $5,000

Number of years= 30 years

Interest rate= 9.8%

To calculate the final value of Jill and Joe, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= weekly/annual deposit

Jill:

FV= {96.15* [(1.00189^1,560)-1]} / 0.00189

FV= $916,853.88

Joe:

FV= {5,000*[(1.098^30)-1]} / 0.098

FV= $791,953.50

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