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December 21, 2014

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?

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