10 years
20 years
$843,000
Initial investment $500,000
Years
0
1
2
3
4
5
6
7
8
9
11
12
13
14
15
16
17
18
19
20
10
$946,000
$1,031,000
2.14% tax drag
0.92% tax drag
No tax drag
Ending wealth difference in 10 years = $188,000
The value of T = $103,000
$1,421,000
$1,788,000
$2,124,000
2.14% tax drag
0.92% tax drag
No tax drag
Ending wealth difference in 20 years = $703,000
The value of T = $367,000