Complete the following homework scenario:

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  • 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 IRA.

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

  • 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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