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Bob makes his first
$1,200
deposit into an IRA earning
6.8%
compounded annually on his
24th
birthday and his last
$1,200
deposit on his
37th
birthday
(14
equal deposits in all). With no additional deposits, the money in the IRA continues to earn
6.8%
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
$nothing.
(Round to the nearest cent as needed.)
Answer & Explanation
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