13 Assume that you contribute $3,000 per year to a retirement plan for 20 years. Then you are able to increase the contribution to $4,500 per year for another 20 years. Given an 8.0 percent interest rate, what is the value of your retirement plan after 40 years? Hint: This is equivalent to saving $ 3,000 each year for 40 years (from year 1 to year 40) and $1,500 each year for 20 years (from year 21 to year 40) $845,813 $867,844 $815,229 O $822,600

Assume that you contribute $3,000 per year to a retirement plan for 20 years. Then you are able to increase the contribution to $4,500 per year for another 20 years. Given an 8.0 percent interest rate, what is the value of your retirement plan after 40 years? Hint: This is equivalent to saving $3,000 each year for 40 years (from year 1 to year 40 ) and $1,500 each year for 20 years (from year 21 to year 40 ) $845,813 $867,844 $815,229 $822,600