Bob makes his first $1,600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday and his last $1,600 deposit on his 43rd birthday (20 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.1% 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 retiress is $ (Round to the nearest cent as needed.)
Bob makes his first $1,600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday and his last $1,600 deposit on his 43rd birthday (20 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.1% 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 retiress is $ (Round to the nearest cent as needed.)
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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![Bob makes his first $1,600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday and his last $1,600 deposit on his 43rd birthday (20 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 7.1% 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 retiress is $
(Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf567ef0-59b3-454e-90c7-7dc55b7db244%2F755c7102-4ab7-4a20-ab50-88577e023e1d%2Fjpsyt5n.png&w=3840&q=75)
Transcribed Image Text:Bob makes his first $1,600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday and his last $1,600 deposit on his 43rd birthday (20 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 7.1% 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 retiress is $
(Round to the nearest cent as needed.)
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