Bob makes his first $ 600 deposit into an IRA earning 7.1% compounded annually on his...

Bob makes his first $ 600 deposit into an IRA earning 7.1% compounded annually on his 24th birthday and his last $600 deposit on his 43rd birthday (2020 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.1 % interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?

The amount in the IRA when Bob retires is

(Round to the nearest cent as needed.)

Expert Solution

Colby Messinger answered 2 years ago

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