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Bob makes his first $2000 deposit into an IRA earning 7.7% compounded annually on his 24th birthday and his last $2,000 deposit on his 42nd
Bob makes his first $2000 deposit into an IRA earning 7.7% compounded annually on his 24th birthday and his last $2,000 deposit on his 42nd birthday (19 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.7% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
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