Bob makes his first $1,300 deposit into an IRA earning 7.8% compounded annually on his 24th birthday and his last $1,300 deposit on his 40th birthday (17 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.8% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires? The amount in the IRA when Bob retires is $. (Round to the nearest cent as needed.)
Bob makes his first $1,300 deposit into an IRA earning 7.8% compounded annually on his 24th birthday and his last $1,300 deposit on his 40th birthday (17 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.8% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires? The amount in the IRA when Bob retires is $. (Round to the nearest cent as needed.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Bob makes his first $1,300 deposit into an IRA earning 7.8% compounded annually on his 24th birthday and his last $1,300 deposit on his 40th birthday (17 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 7.8% interest compounded annually until Bob retires on his 65th birthday. How
much is in the IRA when Bob retires?
The amount in the IRA when Bob retires is $
(Round to the nearest cent as needed.)
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