Bob and Lisa are both married, working adults. They both pla

Bob and Lisa are both married, working adults. They both plan for retirement andconsider the $2,000 annual contribution a must.First, consider Lisa’ssavings. 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 13contributions. She worked until she was 32 and then left full time work to havechildren and be a stay at home mom. She left her IRA invested and plans to begindrawing from her IRA when she is 65.Bob started his IRA at age 32. Thefirst 12 years of his working career, he used his discretionary income to buy ahome, upgrade the family cars, take vacations, and pursue his golfing hobby. Atage 32, he made his first $2,000 contribution to an IRA, and contributed $2,000every year up until age 65, a total of 33 years / contributions. He plans toretire at age 65 and make withdrawals from his IRA.Both IRA accountsgrow at a 7% annual rate. Do not consider any tax effects.