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Tom opens an IRA that earns 7.3% compounded annually with a $1900 deposit on his 24th birthday. Tom continues to deposit $1900 into the IRA
Tom opens an IRA that earns 7.3% compounded annually with a $1900 deposit on his 24th birthday. Tom continues to deposit $1900 into the IRA on each birthday and makes his last $1900 deposit on his 40th birthday. He then makes no more deposits until his 50th birthday. On his 50th birthday, Tom makes a $2600 deposit and he continues to deposit $2600 on each birthday with his last deposit on his 65th birthday. What is his IRA worth on his 65th birthday?
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