Bob makes his first $1,400 deposit into an IRA earning 6.7% compounded annually on his 24th birthday and his last $1,400 deposit on his 44th birthday (21 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.7% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
Bob makes his first $1,400 deposit into an IRA earning 6.7% compounded annually on his 24th birthday and his last $1,400 deposit on his 44th birthday (21 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.7% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
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
Problem 1PS
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![Bob makes his first $1,400 deposit into an IRA earning 6.7% compounded annually on his 24th birthday and his last $1,400 deposit on his 44th birthday (21 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 6.7% 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.)
...](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ee23d01-e6f1-45f7-85d8-47e403d851ce%2F03b103e7-52f9-4eaa-a40e-35e9cc153104%2Fw80wtap_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bob makes his first $1,400 deposit into an IRA earning 6.7% compounded annually on his 24th birthday and his last $1,400 deposit on his 44th birthday (21 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 6.7% 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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