Scenario #3: Isaiah
Isaiah is in his 50s and currently does not have a retirement fund. However, he recently read a few articles about the
insufficient savings of people in retirement and, as a result, he decides he wants to start now. He saves $500 per
month for 15 years and earns 7% by investing in the stock market* through an index fund.
10. What is the total balance in
the account after 15 years? (8
points) $159,405.62
11. How much of the total did
Isaiah contribute himself? (8
points)
12. How much money did Isaiah
make through compounded
returns in this investment
account? (8 points)
13. Explain why Isaiah's total balance is less than Pamela's even though his money earned the same rate of return
and his monthly contribution was higher than hers. (7 points)
Answers: 3
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Scenario #3: Isaiah
Isaiah is in his 50s and currently does not have a retirement fund. However, he...
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