Bob makes his first $ 1 , 0 0 0 deposit into an IRA earning 8 compounded annually on the day he turns 2 4 and his last $ 1 , 0 0 0 deposit on the day he turns 4 7 ( 2 4 equal deposits in all ) With no additional deposits, the money in the IRA continues to earn 8 interest compounded annually until Bob retires on his 6 5 th birthday How much is the IRA worth when Bob retires Value of the IRA on Bob's 6 5 th birthday $

Question

Bob makes his first $ 1 , 0 0 0 deposit into an IRA earning 8   compounded annually on the day he turns 2 4 and his last $ 1 , 0 0 0 deposit on the day he turns 4 7 ( 2 4 equal deposits in all )   With no additional deposits, the money in the IRA continues to earn 8   interest compounded annually until Bob retires on his 6 5 th birthday  How much is the IRA worth when Bob retires  Value of the IRA on Bob's 6 5 th birthday  $

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Question

Bob makes his first $ 1 , 0 0 0 deposit into an IRA earning 8 % compounded annually on the day he turns 2

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