Earl and Larry Each begin a full-time jobs in January 2013 and plan to retire in January 2061 after working for 48 years. Assume that any money they deposit into IRA’s earns 4% interest compounded annually. Earl Opens a traditional IRA account Immediately and deposits $5000 into his account at the end of each year for fifteen years. After that he plans to make no further deposits and just let the money earn interest. Larry plans to wait fifteen years before opening his traditional IRA and then deposit $5000 into the account at the end of each year untill he retires. Write a program that calculate the amounts of money each person has deposited into his account and the amount of money in each account upon retirement.
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