Complete the following homework scenario:

Complete the following homework scenario: 

• Bob and Lisa are both married, working adults. They both plan for  retirement and consider the $2,000 annual contribution a must.

  First,  consider Lisa’s savings. She began working at age 20 and began making  an annual contribution of $2,000 at the first of the year beginning with  her first year. She makes 13 contributions. She worked until she was 32  and 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.

  Bob started 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 $2,000 contribution to an IRA, and  contributed $2,000 every year up until age 65, a total of 33 years /  contributions. He plans to retire at age 65 and make withdrawals from  his IRA.

  Both IRA accounts grow at a 7% annual rate. Do not consider any tax effect.

• Write a two to three (2-3) paragraph summary in which you: 
  • Create a chart summarizing the details of the investment for both Bob and Lisa.
  • Explain the results in terms of time value of money.