Ryan starts an IRA (Individual Retirement Account) at the age of 22 to save for retirement. He deposits \( \$ 300 \) each month. Upon retirement at the age, of 65 , his retirement savings is \( \$ 508,983.06 \). Determine the amount of money Ryan deposited over the length of the investment and how much he made in interest upon retirement. Formulas

Ryan deposits \( \$ 300 \) every month for 43 years from age 22 to 65, leading to a total deposit of \( 300 \times 12 \times 43 = \$ 129,600 \). To find the interest earned, subtract the total deposits from the final amount: \( \$ 508,983.06 - \$ 129,600 = \$ 379,383.06 \) in interest earned over his retirement savings journey. This example illustrates how regular contributions, combined with compound interest, can lead to significant financial growth over time. Establishing an IRA early, like Ryan did, allows for more time for your money to grow, which is a powerful strategy for building a retirement nest egg!