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QUESTION
Bob makes his first $1,200 deposit into an IRA earning 6.5% compounded annually on the day he turns 24 and his last $1,200 deposit on the day he...
Bob makes his first $1,200 deposit into an IRA earning 6.5% compounded annually on the day he turns 24 and his last $1,200
deposit on the day he turns 44 (21 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn
6.5% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires?
Value of the IRA on Bob's 65th birthday: ????
(Note: The answer is a dollar amount, should include a dollar sign, and should be accurate to two decimal places).
