Problem:
Hal invested $2000 per year in an IRA each year for 6 years earning 15% compounded annually. At the end of 6 years he ceased the IRA payments, but continued to invest his accumulated amount at 15% compounded annually for the next 5 years.
Required:
Question 1: What was the value of his IRA at the end of 6 years?
Question 2: What was the value of the investment at the end of the next 5 years?
Note: Explain all steps comprehensively.