## Math Problem Statement

Bob makes his first $ 1 comma 100$1,100 deposit into an IRA earning 8.1 %8.1% compounded annually on his 2424th birthday and his last $ 1 comma 100$1,100 deposit on his 4242ndnd birthday (1919 equal deposits in all). With no additional deposits, the money in the IRA continues to earn 8.1 %8.1% interest compounded annually until Bob retires on his 6565th birthday. How much is in the IRA when Bob retires? Question content area bottom Part 1 The amount in the IRA when Bob retires is $enter your response here.

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Compound Interest

Exponential Growth

Series Summation

### Formulas

A = P(1 + r)^t (Compound Interest Formula)

Sum = P(1 + r)^t + P(1 + r)^(t-1) + ... + P(1 + r)^(t-n)

### Theorems

Compound Interest Theorem

### Suitable Grade Level

Grades 11-12, College-level Finance

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