HW21: Problem 1 Previous Problem Problem List Next Problem Bob makes his first $800 deposit into an IRA earning 7% compounded annually on the day he turns 28 and his last $800 deposit on the day he turns 53 (26 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7% interest compounded annually until Bob rets on his 65th birthday. How much is the IRA worth when Bob retires? Value of the IRA on Bob's 65th birthday: $ Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Email instructor

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
Problem 8FPE
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HW21: Problem 1
Previous Problem Problem List
Next Problem
Bob makes his first $800 deposit into an IRA earning 7% compounded annually on the day he turns 28 and his last $800 deposit on the day he
turns 53 (26 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7% interest compounded annually until Bob
rets 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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You have unlimited attempts remaining.
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Transcribed Image Text:HW21: Problem 1 Previous Problem Problem List Next Problem Bob makes his first $800 deposit into an IRA earning 7% compounded annually on the day he turns 28 and his last $800 deposit on the day he turns 53 (26 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7% interest compounded annually until Bob rets on his 65th birthday. How much is the IRA worth when Bob retires? Value of the IRA on Bob's 65th birthday: $ Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Email instructor
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