Question
Bob makes his first $1,050 deposit into an IRA earning 7.5% compounded annually on the day he turns 22 and his last $1,050 deposit on
Bob makes his first $1,050 deposit into an IRA earning 7.5% compounded annually on the day he turns 22 and his last $1,050 deposit on the day he turns 37 (16 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn 7.5% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires?
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Personal Finance
Authors: Jeff Madura
3rd Edition
0321357973, 978-0321357977
