Bob makes his firat $1,050 deposit into an IRA eaming 6.5% compounded annualy on the day he tums 23 and his last $1,050 deposit on the day he turns 46 (24 equal deposits in ail) With no additional deposits, the money in the IRA continues to earn 6.5% interest compounded annually until Bob retires on his 6sth birthday. How much is the IRA worth when Bob retires? Value of the IRA on Bob's 6oth birthday (Note: The answer in a dolar amount, should include a dollar sign, and should be accurate to two decimal places).
Bob makes his firat $1,050 deposit into an IRA eaming 6.5% compounded annualy on the day he tums 23 and his last $1,050 deposit on the day he turns 46 (24 equal deposits in ail) With no additional deposits, the money in the IRA continues to earn 6.5% interest compounded annually until Bob retires on his 6sth birthday. How much is the IRA worth when Bob retires? Value of the IRA on Bob's 6oth birthday (Note: The answer in a dolar amount, should include a dollar sign, and should be accurate to two decimal places).
Chapter3: Income Sources
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:Bob makes his first $1,050 deposit into an IRA eaming 6.5% compounded annually on the day he tuns 23 and his last S1,050 depoait on the
day he turns 46 (24 equal deposits in al) With no additional deposits, the money in the IRA continues to earn 6.5% interest compounded annually until
Bob retires on his 65th birthday. How much is the IRA worth when Bob retires?
Value of the IRA on Bob's 65th birthday
(Note: The answer in a dolar amount, should include a dollar sign, and should be accurate to two decimal places).
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT