Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. bob makes his first $700 deposit into an ira earni

bob makes his first $700 deposit into an IRA earning 8.1% compounded annually on his...

70.2K

Verified Solution

Question

Finance

bob makes his first $700 deposit into an IRA earning 8.1% compounded annually on his 24th birthday and his last $700 deposit on his 43rd birthday (29 equal deposits in all) with no additional deposits, the money in the IRA continues to earn 8.1% 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 bon retires is?
( round to the nearest cent as needed)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

There are multiple events that can initiate the release of HCl in the stomach. Two such...

Medical Sciences
Q

1) Describe the main adverse effects of H1 an H2 receptor antagonists. 2) Describe the main contraindications...

Medical Sciences
Q

What are some of the crucial internal challenges that the Asian Women’s Movement face? Why do...

Psychology
Q

A ring consisting of two parts ADB and ACB of same conductivity k carries an...

Physics
Q

35 The energy of a photon is E hv and the momentum of photon is...

Physics
Q

Required information The following information applies to the questions displayed below Ramirez Company installs a...

Accounting
Q

Justin Medak, age 45, begins employment with Circle Corporation on January 1, 2020 at a...

Accounting
Q

Hillary Corporation purchased a 12-month insurance policy on August 1, 2020 for $2,640. At August...

Accounting
Q

Lincoln Transportation owns a fleet of 48 semi-trucks. The original cost of the fleet was...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Julie...

Accounting
Q

Elmira Tool and Die makes machine tools to order. The following transactions occurred in October:...

Accounting
Q

First, make up and state an average home price for the houses that your imaginary...

Finance