Problem:
If Barry purchases a $2,000 ROTH IRA when he is 25 years old and expects to earn an average of 6% per year compounded annually over 35 years (until he is 60), how much will accumulate in the investment? If Barry doesn't put the money in the IRA until he is 35 years old, how much money will accumulate in the account by the time he is 60 years old? How much less will he earn because he invested 10 years later?