Bob makes his first $1,000 deposit into an IRA earning 6.4% compounded annually on his 24th birthday
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Bob makes his first $1,000 deposit into an IRA earning 6.4% compounded annually on his 24th birthday and his last $1,000 deposit on his 35th birthday (12 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.4% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
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Surewhen Bob retireshe will have 8054272 in his IRA Here is the breakdow...View the full answer
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Related Book For 
College Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780321945518
13th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen
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