Elkana, a 25 year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit sh 2,000 each year into a tax-deferred in- dividual retirement arrangement (IRA). The IRA will be invested to earnan annual return of 10%, which is assumed to be attained over the next 40 years.
If Elkana makes annual end-of-year sh 2,000 deposits into the IRA, how much will he have accumulated by the end of his 65th year?

If Elkana decides to wait until age 35 to begin making annual end-of-year sh 2,000 deposits into the IRA, how much will he have accumulated by the end of his 65th year?