Question 7 of 15. step 1 of 1 Cole starts an IRA dindividual Retirement Account) at the age of 36 to save for retirement. He deposits \( \$ 450 \) each month. Upon retirement at the age of 65 , his retirement savings is \( 5594,249.92 \). Determine the amount of money cole deposited over the length of the investment and how much he made in interest upon retirement. Answer How to enter your answer (operts in new window) Keyboard Shortcu Kotal Deposited: \( \$ \square \)

1. Cole's contribution period lasts from age 36 to 65. The number of years is \[ 65 - 36 = 29 \text{ years}. \] 2. Since he deposits monthly, the number of deposits is \[ 29 \times 12 = 348 \text{ deposits}. \] 3. The total amount deposited is \[ 450 \times 348 = 156600. \] So, Cole deposited a total of \(\$156600\). 4. The interest earned is the difference between the final amount and the total deposited: \[ 5594249.92 - 156600 = 5437649.92. \] Thus, the interest earned is \(\$5437649.92\).