Bob makes his first $1,050 deposit into an IRA eaming 6.5% compounded annualy on the day he tuns 23 and his last $1,050 deposit on the day he turns 46 (24 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 dolar amount, should include a dollar sign, and should be accurate to two decimal places).
Bob makes his first $1,050 deposit into an IRA eaming 6.5% compounded annualy on the day he tuns 23 and his last $1,050 deposit on the day he turns 46 (24 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 dolar amount, should include a dollar sign, and should be accurate to two decimal places).
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Bob makes his first $1,050 deposit into an IRA eaming 6.5% compounded annually on the day he turns 23 and his last $1,050 deposit on the
day he turns 46 (24 equal deposits in al) 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 dolar amount, should include a dollar sign, and should be accurate to two decimal places).
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