Bob makes his first $1,500 deposit into an IRA earning 6.9% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.9% 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.)

Bob makes his first $1,500 deposit into an IRA earning 6.9% compounded annually on his 24th birthday and his last $1,500 deposit on his 36th birthday (13 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 6.9% 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.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 40P: Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for...

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