Problem:
Bob makes his first $1,300 deposit into an IRA earning 7.3% compounded annually on his 24th birthday and his last $1,300 deposited on his 45th birthday (22 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 7.3% interest compounded annually until Bob retires on his 65th birthday. How much is in the IRA when Bob retires?
- Round the final answer to the nearest cent.
- Round amount in IRA after last deposit to the nearest cent.
- Express intermediate terms to 8 decimal places.