Question
Bob makes his first $1,200 deposit into an IRA earning 66% compounded annually on the day he turns 28 and his last $1,200$1,200 deposit on
Bob makes his first $1,200 deposit into an IRA earning 66% compounded annually on the day he turns 28 and his last $1,200$1,200 deposit on the day he turns 38 (11 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn 66% 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:
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Public Finance A Contemporary Application Of Theory To Policy
Authors: David N. Hyman
5th Edition
0030113172, 978-0030113178
