There are three (3) types of textbook based homework items l

There are three (3) types of textbook based homework items located atthe end of each chapter. These include Discussion Questions (DQ),Exercises (E), and Problems (P). Some homework items have been customcreated.Complete the following from the textbook:Chapter 8: DQ1Homework 2There are three (3) types of textbook based homework items located atthe end of each chapter. These include Discussion Questions (DQ),Exercises (E), and Problems (P). Some homework items have been customcreated.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 makingan annual contribution of $2,000 at the first of the year beginning withher first year. She makes 13 contributions. She worked until she was 32and then left full time work to have children and be a stay at homemom. She left her IRA invested and plans to begin drawing from her IRAwhen she is 65.Bob started his IRA at age 32. The first 12 yearsof 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, andcontributed $2,000 every year up until age 65, a total of 33 years /contributions. He plans to retire at age 65 and make withdrawals fromhis 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.


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