Question: Bob makes his first $ 1 , 0 5 0 $ 1 , 0 5 0 deposit into an IRA earning 6 . 5 6

Bob makes his first $1,050$1,050 deposit into an IRA earning 6.56.5% compounded annually on the day he turns 25 and his last $1,050$1,050 deposit on the day he turns 46(22 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.56.5% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires?Value of the IRA on Bob's 65th birthday: $

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