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For a period of 22 years, Bob makes a $700 deposit into an IRA at the end of each quarter in order to save for his retirement. The IRA has an annual interest rate of 6.9%, with interest compounded quarterly. Then, Bob stops making payments and leaves the money in the account where it continues to earn interest at the same rate until the account is closed 20 years later.

(a) How much does Bob have in his retirement account at the end of his 42 years of saving?

(b) How much interest did Bob earn?

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Financial Management, Finance

Category:- Financial Management
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