Math Problem Statement
Ryan 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 $560,979.68. Determine the amount of money Ryan deposited over the length of the investment and how much he made in interest upon retirement.
Solution
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Math Problem Analysis
Mathematical Concepts
Arithmetic
Compound Interest
Savings Calculation
Formulas
Total Deposits = Monthly Deposit × Number of Months
Interest Earned = Total Savings - Total Deposits
Theorems
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Suitable Grade Level
Grades 9-12
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