Question: Bob makes his first $ 1 , 0 0 0 deposit into an IRA earning 7 . 5 % compounded annually on the day he

Bob makes his first $1,000
deposit into an IRA earning 7.5
% compounded annually on the day he turns 28 and his last $1,000
deposit on the day he turns 48(21 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.5
% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires at 65?

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