Bob makes his first $ 1 comma 700 deposit into an ira earning 7.5 % compounded annually on his 24th birthday and his last $ 1 comma 700 deposit on his 44th birthday (21 equal deposits in all). with no additional deposits, the money in the ira continues to earn 7.5 % interest compounded annually until bob retires on his 65th birthday. how much is in the ira when bob retires?

amount = $707744.50

Explanation:

given data

PMT = $1700

rate = 7.5% = 0.075

number of period = 21

we find here future value that is express as

future value =  PMT ×    ........1

here r is rate and t is time period that is 21

put here value

future value =  1700 ×

future value = $80839.30

and

the future value is then compound annually till his 65th birthday

so time period t = 30

so

amount in IRA

amount = future value  ×

here r is rate and t is time

put here value

amount = 80839.30 ×

amount = $707744.50

this conflict is person vs. society

if you need further explanations, comment below!

hope this ! < 3