Example 

Assumptions

Contributions to IRA are made at 

===> 

BEGINNING of the year 

Annual contribution amount 

===> 

$ 2,000 

Annual interest or growth rate 

===> 

8%

Schedule of Accumulated Contributions & Earnings

Balance at 

Year 

Date 

Contribution 

Earnings 

End of Year 

1 

01/02/2001

$ 2,000 

$ 160 

$ 2,160 

2 

01/02/2002

2,000 

333 

4,493 

3 

01/02/2003

2,000 

519 

7,012 

4 

01/02/2004

2,000 

721 

9,733 

5 

01/02/2005

2,000 

939 

12,672 

6 

01/02/2006

2,000 

1,174 

15,846 

7 

01/02/2007

2,000 

1,428 

19,273 

8 

01/02/2008

2,000 

1,702 

22,975 

9 

01/02/2009

2,000 

1,998 

26,973 

10 

01/02/2010

2,000 

2,318 

$31,291 

Totals 

$ 20,000 

$ 11,291 

Note: 

If the funds are deposited at the beginning of the calendar year, the funds will earn interest during the year.