Question 12 of 15. Step 1 of 1 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. Formulas Answer How to enter your answer (opens in new window) Keyboard Shortcuts Total Deposited: \( \$ \) Keypad

Ryan contributes \( \$ 300 \) each month from age 24 to 65, which is a total of 41 years or 492 months. To find the total amount he deposited, simply multiply the monthly deposit by the number of months: \[ Total \ Deposited = 300 \times 492 = 147,600 \] To find the interest earned, subtract the total amount deposited from the retirement savings: \[ Interest \ Earned = 560,979.68 - 147,600 = 413,379.68 \] So, Ryan deposited \( \$ 147,600 \) and made \( \$ 413,379.68 \) in interest by the time he retired! It's a fantastic example of how consistent savings can really pay off in the long run. Those monthly contributions might seem small, but they add up spectacularly with the magic of compound interest! So, if you're not already saving, now's a great time to start!