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Bob makes his first $900 deposit into an IRA earning 8.1% compounded annually on his 24th birthday and his last $900 deposit on his 43rd
Bob makes his first $900 deposit into an IRA earning 8.1% compounded annually on his 24th birthday and his last $900 deposit on his 43rd birthday (20 equal deposits in all). With no additonal deposits, the money in the IRA continues to earn 8.1% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
(round to the nearest cent as needed)
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Financial Management Principles and Application
Authors: Arthur J. Keown, J. William Petty, David F. Scott, Jr.
10th edition
536514119, 536514110, 978-0536514110
