Bob makes his first $1,700 deposit into an IRA earning 7.4% compounded annually on his 24th birthday and his last $1,700 deposit on his 41st birthday (18 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.4% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
Bob makes his first $1,700 deposit into an IRA earning 7.4% compounded annually on his 24th birthday and his last $1,700 deposit on his 41st birthday (18 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.4% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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Bob makes his first $1,700 deposit into an IRA earning 7.4% compounded annually on his 24th birthday and his last $1,700 deposit on his 41st birthday (18 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.4% 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 $
(Round to the nearest cent as needed.)
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