11)

Stephen sets up an IRA with an APR of 5% at age 26. At the end of each month, he deposits $39 in the account. How much will the IRA contain when he reaches 65? Compare that amount to the total amount of deposits made over the time period.

a)

$1068.62; this is $54.62 more than the total amount of the deposits

b)

$56,162.53; this is $37,910.53 more than the total amount of the deposits

c)

$40,195.14; this is $30,401.40 more than the total amount of the deposits

d)

$40,025.13; this is $24,425.13 more than the total amount of the deposits