Bob makes his first $700 deposit into an IRA earming 73% compounded annually on his 24th birthday and his last $700 deposit on his 38th birthday (15 deposits in all). With no additional deposits, the money in the IRA continues to earn 73% 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)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Bob makes his first $700 deposit into an IRA earning 7.3% compounded annually on his 24th birthday and his last 5700 deposit on his 38th birthday (15 equal
deposits in all). With no additional deposits, the money in the IRA continues to earn 7:3% 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 S
(Round to the nearest cent as needed)
Transcribed Image Text:Bob makes his first $700 deposit into an IRA earning 7.3% compounded annually on his 24th birthday and his last 5700 deposit on his 38th birthday (15 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7:3% 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 S (Round to the nearest cent as needed)
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