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  3. bob makes his first $1,200 deposit into an ira ear

Bob makes his first $1,200 deposit into an IRA earning 6.8% compounded annually on his...

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Question

Finance

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 Solved by verified expert
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