Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). Bob then stops making...


Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th<br>birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). Bob then stops<br>making deposits. With no additional deposits, the money in the IRA continues to earn 6.6% interest<br>compounded annually for an additional 29 years until Bob retires on his 65th birthday. How much is<br>in the IRA when Bob retires?<br>(Hint: You will need to use two different formulas to answer this question.)<br>(Round your answer to the nearest cent. Do not include any symbols. Example: 56789.12)<br>

Extracted text: Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). Bob then stops making deposits. With no additional deposits, the money in the IRA continues to earn 6.6% interest compounded annually for an additional 29 years until Bob retires on his 65th birthday. How much is in the IRA when Bob retires? (Hint: You will need to use two different formulas to answer this question.) (Round your answer to the nearest cent. Do not include any symbols. Example: 56789.12)

Jun 05, 2022
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