February 26, 2017

Homework Help: business math revised

Posted by lauren on Wednesday, February 9, 2011 at 8:14pm.

Bob makes his first $800 deposit into an IRA earning 7% compounded annually on the day he turns 27 and his last $800 deposit on the day he turns 35. (9 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn 7% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires?

Answer This Question

First Name:
School Subject:

Related Questions

More Related Questions