13. You graduated from UB and landed your first job in your new career. You remember that your favorite finance professor told you to begin the painless job of saving for retirement as soon as possible, so you decided to put away $3,000 at the end of each year in a ROTH IRA. Your expected annual rate of return on the IRA is 7%. How much will you accumulate at the retirement after 40 years of investing (Note: this may assume that you are retiring early)

a) $598,890b) $447,921c) $1,088,632d) $590, 104