Suppose That Bob Delays Starting an IRA for the First

question 70

Multiple Choice

Suppose that Bob delays starting an IRA for the first 10 years he works but then makes $2,500 deposits at the end of each of the next 15 years. If the annual interest rate is 7.2%, compounded annually, and if he leaves the money in his account for 5 additional years, how much will be in his account at the end of the 30-year period? Round your answer to the nearest cent.

• A)$90,320.64
• B)$84,254.33
• C)$78,595.46
• D)$73,316.66
• E)$103,795.04

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