Logan starts an IRA (Individual Retirement Account) at the age of 24
to save for retirement. He deposits $300
each month. Upon retirement at the age of 65
, his retirement savings is $1,510,293.29
. Determine the amount of money Logan deposited over the length of the investment and how much he made in interest upon retirement.

To solve this problem, we need to determine two values:
1. The total amount of money Logan deposited over the length of the investment.
2. The amount of interest earned at the time of retirement.

### Step 1: Calculate the total amount of deposits

Logan deposits $300 each month, and he does this from the age of 24 until he retires at the age of 65.

The number of years he is investing is:

\[
65 - 24 = 41 \text{ years}
\]

Since he deposits monthly, we need to convert the number of years into months:

\[
41 \times 12 = 492 \text{ months}
\]

Now, we multiply the number of months by the monthly deposit to get the total amount he deposited:

\[
\text{Total deposits} = 492 \times 300 = 147,600
\]

### Step 2: Calculate the interest earned

The total value of the account at retirement is $1,510,293.29. The interest earned is the difference between the total value and the total deposits:

\[
\text{Interest earned} = 1,510,293.29 - 147,600 = 1,362,693.29
\]

### Final Answers:
- **Total amount deposited**: $147,600
- **Interest earned**: $1,362,693.29

---

Do you have any questions or would you like further details?

Here are 5 related questions for you:
1. What is the average annual return rate needed to reach this amount?
2. How would the total interest change if Logan started saving at age 30 instead?
3. How does compounding frequency (monthly vs. annually) affect the final savings?
4. What would happen if Logan increased his monthly deposit over time?
5. How could Logan adjust his investments to minimize risk?

**Tip**: Small increases in monthly contributions early in your investment can lead to significant gains over time due to the power of compounding!

Logan starts an IRA (Individual Retirement Account) at the age of 24 to save for retirement. He deposits $300 each month. Upon retirement at the age of 65, his retirement savings is $1,510,293.29. Determine the amount of money Logan deposited over the length of the investment and how much he made in interest upon retirement.

Learn how to calculate the total amount deposited and the interest earned in an IRA retirement savings plan. This problem involves basic arithmetic sequences and interest calculation. Logan deposits $300 each month over 41 years and ends up with $1,510,293.29 in savings by age 65. Discover how much he deposited and the interest earned. Suitable for students in Grades 10-12.

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