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

Question

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

helper · Answer

You are missing the % for interest and the amount for the annual deposit into the IRA.

Sabrina · Answer

plug in 6.4 as the % and $1,000 as the deposit