FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 11-11 (LO. 5) Meredith, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $126,000. In your computations, round any division to four decimal places. Round your final answers to the nearest dollar. a. What is the maximum amount that Meredith can contribute? 5,760 X Feedback Check My Work b. Assume that Meredith's AGI is $100,000 and she plans to put $6,000 each year into her Roth IRA, hoping to earn 6% annually. What future value will accumulate in her Roth at the end of 20 years? The future value of an ordinary annuity at 6% for 20 years is 36.7856. $220,713.60 X
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Transcribed Image Text:Exercise 11-11 (LO. 5) Meredith, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $126,000. In your computations, round any division to four decimal places. Round your final answers to the nearest dollar. a. What is the maximum amount that Meredith can contribute? 5,760 X Feedback Check My Work b. Assume that Meredith's AGI is $100,000 and she plans to put $6,000 each year into her Roth IRA, hoping to earn 6% annually. What future value will accumulate in her Roth at the end of 20 years? The future value of an ordinary annuity at 6% for 20 years is 36.7856. $220,713.60 X
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