If at age 25 you open an ira account paying 10 percent, Financial Management

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If at age 25 you open an ira account paying 10 percent

1. If, at age 25, you open an IRA account paying 10 percent annual interest and you put $2000 in at the end of each year, what will be your balance at age 65?

2. You are offered two alternatives: a $2000 annuity for 7 years or a lump sum today. If current interest rates are 9 percent, how large will the lump sum have to be to make you indifferent between the alternatives?

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Financial Management: If at age 25 you open an ira account paying 10 percent

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