Chase starts an IRA (Individual Retirement Account) at the age of 30
to save for retirement. He deposits $400
each month. Upon retirement at the age of 65
, his retirement savings is $558,638.87
. Determine the amount of money Chase deposited over the length of the investment and how much he made in interest upon retirement.

To determine how much Chase deposited over the length of his investment and how much he made in interest, we can break this into two parts:

### 1. **Amount of Money Deposited**
Chase deposits $400 each month from age 30 to 65. The total number of years he contributes is:

\[
65 - 30 = 35 \text{ years}
\]

Each year has 12 months, so the total number of months is:

\[
35 \times 12 = 420 \text{ months}
\]

Now, multiply the monthly deposit by the total number of months:

\[
400 \times 420 = 168,000
\]

Thus, Chase deposited **$168,000** over the 35 years.

### 2. **Amount Made in Interest**
To find the amount of interest he earned, we subtract the total deposits from the final amount in his account:

\[
558,638.87 - 168,000 = 390,638.87
\]

So, the amount Chase made in interest is **$390,638.87**.

### Summary:
- **Total Deposits**: $168,000
- **Total Interest Earned**: $390,638.87

Would you like any additional details or clarifications?

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Here are 5 related questions:
1. What is the formula to calculate compound interest for retirement savings?
2. How does the interest rate impact the growth of Chase's IRA over time?
3. What would happen if Chase started saving earlier or later in life?
4. How would increasing the monthly contribution affect the total retirement savings?
5. What types of investments typically go into an IRA?

**Tip**: Starting early and contributing regularly to a retirement account takes advantage of compound interest, which significantly boosts long-term growth.

Chase starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He deposits $400 each month. Upon retirement at the age of 65, his retirement savings is $558,638.87. Determine the amount of money Chase deposited over the length of the investment and how much he made in interest upon retirement.

Learn how to calculate the total deposits and interest earned on an IRA retirement savings plan. Chase deposits $400 monthly from age 30 to 65, resulting in $168,000 in total deposits and $390,638.87 earned in interest. A practical example covering arithmetic and savings growth for Grades 9-12.

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