Bob makes his first $1,000 deposit into an IRA earning 6.4 % compounded annually on his 24 th birthday and his last $1,000 deposit on his 35 th birthday ( 12 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.4 % interest compounded annually until Bob retires on his 65 th birthday. How much is in the IRA when Bob retires?
Bob makes his first $1,000 deposit into an IRA earning 6.4 % compounded annually on his 24 th birthday and his last $1,000 deposit on his 35 th birthday ( 12 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.4 % interest compounded annually until Bob retires on his 65 th birthday. How much is in the IRA when Bob retires?
Bob makes his first
$1,000
deposit into an IRA earning
6.4
%
compounded annually on his
24
th
birthday and his last
$1,000
deposit on his
35
th
birthday (
12
equal deposits in all). With no additional deposits, the money in the IRA continues to earn
6.4
%
interest compounded annually until Bob retires on his
65
th
birthday. How much is in the IRA when Bob retires?
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