Earl and Larry each begin full time jobs in January 2009 and plan to retire in January 2051 after working for 12 years.

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Earl And Larry Each Begin Full Time Jobs In January 2009 And Plan To Retire In January 2051 After Working For 12 Years 1 (21.81 KiB) Viewed 28 times

Earl and Larry each begin full time jobs in January 2009 and plan to retire in January 2051 after working for 12 years. Each man is in a 40% marginal tax bracket. Assume that any money they deposit into IRAs carns 6% interest compounded annually Answer parts (a) through (d) below (a) Suppose Earl opens a Roth IRA account immediately. Earl deposits the remainder of $5000 after taxes are deducted into his account at the end of each year for 12 years. After that he makes no further deposits and lets the money earn interest How much money will Earl have in his account when he retires in January 2051? FES (Do not round until the final answer. Then round to the nearest cent as needed)