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Bob makes his first $600 deposit into an IRA earning 7.8% compounded annually on his 24th birthday and his last $600 deposit on his 35th
Bob makes his first $600 deposit into an IRA earning 7.8% compounded annually on his 24th birthday and his last $600 deposit on his 35th birthday (12 equal deposits in all). With no additional deposits, the money in IRA continues to earn 7.8% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
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