Larry and Beth are both married, working adults. They both plan for retirement and consider the $6,000 annual contribution a mus
t.
First, consider Beth's savings. She began working at age 20 and began making an annual contribution to her IRA of $6,000 each year until age 32 (12 contributions). She 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.
Larry started contributing to 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 $6,000 contribution to an IRA, and contributed $6,000 every year up until age 65 (33 contributions). He plans to retire at age 65 and make withdrawals from his IRA.
Both IRA accounts grow at an 8% annual rate
First, consider Beth's savings. She began working at age 20 and began making an annual contribution to her IRA of $6,000 each year until age 32 (12 contributions). She 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.
Larry started contributing to 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 $6,000 contribution to an IRA, and contributed $6,000 every year up until age 65 (33 contributions). He plans to retire at age 65 and make withdrawals from his IRA.
Both IRA accounts grow at an 8% annual rate
1 answer:
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Answer:
20% of the Congress is made of Senators.
Step-by-step explanation:
Our whole here is 500, since the House of Representatives and Senate combined would have 500 members in this case. So, we now need to find out how many senators there are.
x
=
Now, since we know the fact that there are 100 senators in Congress, we will find out what percent of 500 is 100.
100 = 20% of 500. To check, we will multiply 5 by 100. We get 500.
Therefore, the answer is 20%.