At age 19​, someone sets up an IRA​ (individual retirement​ account) with an APR of 8​%. At the end of each month he deposits ​$20 in the account. How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits made over the time period.  please explain thoroughly.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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At age 19​, someone sets up an IRA​ (individual retirement​ account) with an APR of 8​%. At the end of each month he deposits ​$20 in the account. How much will the IRA contain when he retires at age​ 65? Compare that amount to the total deposits made over the time period. 

please explain thoroughly. 

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