Question
Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 44th
Bob makes his first $1,500 deposit into an IRA earning 6.6% compounded annually on his 24th birthday and his last $1,500 deposit on his 44th
birthday (21 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.6% interest compounded annually until 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.)
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
