Assuming the account continues to earn same rate of interest

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(a) A man deposits $2000 in an IRA on his 21st birthday and on each subsequent birthday up to, and including, his 29th (nine deposits in all). The account earns 8% compounded annually. If he leaves the money in the account without making any more deposits, how much will he have on his 65th birthday, assuming the account continues to earn the same rate of interest?

(b) How much would be in the account (to the nearest dollar) on his 65th birthday if he had started the deposits on his 30th birthday and continued making deposits on each birthday (until and including) his 65th birthday?

Reference no: EM13826081

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Assuming the account continues to earn same rate of interest : A man deposits $2000 in an IRA on his 21st birthday and on each subsequent birthday up to, and including, his 29th (nine deposits in all). The account earns 8% compounded annually. If he leaves the money in the account without making any more deposit..

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