Bob makes his first $1,200 deposit into an IRA earning 6.5% compounded annually on the day he turns 24 and his last $1,200deposit on the day he turns 44 (21 equal deposits in all.) With no additional deposits, the money in the IRA continues to earn 6.5% interest compounded annually until Bob retires on his 65th birthday. How much is the IRA worth when Bob retires? Value of the IRA on Bob's 65th birthday:
(Note: The answer is a dollar amount, should include a dollar sign, and should be accurate to two decimal places).