To solve this problem, we need to determine two things:

1. The total amount of money Ryan deposited into the IRA over the length of the investment.
2. The total interest earned upon retirement.

Step 1: Determine the Total Amount Deposited

Ryan deposits $300 every month from the age of 24 until he reaches 65. The period between 24 and 65 years is:

$65 - 24 = 41 \text{ years}$

Since he deposits monthly, the total number of deposits is:

$\text{Total Deposits} = 41 \times 12 = 492 \text{ months}$

The total amount deposited over the length of the investment is:

$\text{Total Amount Deposited} = 300 \times 492$

Let's calculate that.

$\text{Total Amount Deposited} = 300 \times 492 = 147,600$

Step 2: Determine the Total Interest Earned

The total savings at retirement is $560,979.68. To find the interest earned, we subtract the total amount deposited from the total savings:

$\text{Total Interest Earned} = \text{Total Savings} - \text{Total Amount Deposited}$

Substitute the values:

$\text{Total Interest Earned} = 560,979.68 - 147,600$

Calculating this gives:

$\text{Total Interest Earned} = 413,379.68$

Summary

• Total Amount Deposited: $147,600
• Total Interest Earned: $413,379.68

Ryan deposited a total of $147,600 over the length of the investment, and he earned $413,379.68 in interest upon retirement.

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Would you like to explore more details or have any other questions? Here are some related questions you might be interested in:

1. What would be the total savings if Ryan deposited a different amount each month?
2. How would the total interest change if the interest rate were different?
3. What would happen to Ryan's savings if he started depositing later or earlier?
4. How much should Ryan deposit monthly to reach a savings goal of $1,000,000 by retirement?
5. What impact would additional lump-sum deposits have on the final savings amount?

Tip: Regularly reviewing and adjusting your retirement savings plan can help you stay on track to meet your financial goals.