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

Bob makes his first $1,050 deposit into an IRA earning 7.5% compounded annually on the day he turns 28 and his last $1,050 deposit on the day he turns
52(25 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
65 th birthday. How much is the IRA worth when Bob retires?
Value of the IRA on Bob's 65 th birthday: $
Bob makes his first $1,050 deposit into an IRA earning 7.5%

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