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Imagine you are 30 years old in 2017 and would like to retire in 2047 (when you

Imagine you are 30 years old in 2017 and would like to retire in 2047 (when you are 60 years old). On December 31st, 2017, you invest $10,000 in an IRA (Individual Retirement Account), which is an investment account where you can save for retirement. With the $10,000, you buy 2 mutual funds. $5000 is invested in a stock mutual fund that is expected to return 7% per year, and $5000 in a Bond mutual fund that is expected to return 4% per year. Every year on December 31st, you continue to add $5000 to the IRA, of which $4000 goes into the stock mutual fund and $1000 goes into the bond mutual fund. Please use the tables in the Time value of Money Appendix from the textbook for your calculations. Show your calculations clearly. Do not use Excel or websites such as Moneychimp.com. If you are not sure about the approach to use, make a posting to the Course topics board or send me an email and I can steer you in the right direction.

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