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13a

Bob makes his first $1,500 deposit into an IRA earning 75% compounded annually on his 24th birthday and his last $1,500 deposit on his 38th birthday (16 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.5% interest compounded annually unti 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.) Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of S1000 into an ordinary annuity. At the end of 5 years, the amount in the annuity is $5685.69. What annual nominal compounding rate has this annuity camed? Type the interest rate: % (Round to 2 decimal places)