(1 point) Bob makes his first $1,200 deposit into an IRA earning 7% compounded annually on the day he turns and his last $1,200 deposit on the day he turns 35 (8 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7% 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: $