Hal invested $2,000 per year in an IRA each year for 7 years earning 7% compounded annually. At the end of the 7 years he ceased that IRA payments, but continued to invest his accumulated amount at 7% compounded annually for the next 3 years.
a) what was the value of his IRA at the end of 7 years?
b) what was the value of the investment at the end of the next 3 years?
a) what was the value of his IRA at the end of 7 years?
b) what was the value of the investment at the end of the next 3 years?