Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). Bob then stops making deposits. With no additional deposits, the money in the IRA continues to earn 6.6% interest compounded annually for an additional 29 years until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
Percentage
A percentage is a number indicated as a fraction of 100. It is a dimensionless number often expressed using the symbol %.
Algebraic Expressions
In mathematics, an algebraic expression consists of constant(s), variable(s), and mathematical operators. It is made up of terms.
Numbers
Numbers are some measures used for counting. They can be compared one with another to know its position in the number line and determine which one is greater or lesser than the other.
Subtraction
Before we begin to understand the subtraction of algebraic expressions, we need to list out a few things that form the basis of algebra.
Addition
Before we begin to understand the addition of algebraic expressions, we need to list out a few things that form the basis of algebra.
Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). Bob then stops making deposits. With no additional deposits, the money in the IRA continues to earn 6.6% interest compounded annually for an additional 29 years until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
(Hint: You will need to use two different formulas to answer this question.)
(Round your answer to the nearest cent. Do not include any symbols. Example: 56789.12
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