Question: Bob makes his first $ 1 , 0 0 0 deposit into an IRA earning 8 % compounded annually on the day he turns 2

Bob makes his first $1,000 deposit into an IRA earning 8% compounded annually on the day he turns 24 and his last
$1,000 deposit on the day he turns 47(24 equal deposits in all). With no additional deposits, the money in the IRA continues
to earn 8% interest compounded annually until Bob retires on his 65 th birthday. How much is the IRA worth when Bob
retires?
Value of the IRA on Bob's 65th birthday: $
Bob makes his first $1,000 deposit into an IRA earning 8%

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