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Ali put away $100 a month for 5 years into his retirement account. You calculate the future value interest factor on Ali's annuity (monthly savings)
Ali put away $100 a month for 5 years into his retirement account. You calculate the future value interest factor on Ali's annuity (monthly savings) over those 5 years was 34.76. This means that:
A. Ali now has $34.76 for every $1 that was in his account 5 years ago,.
B. If Ali were to invest $1 a month for the next five years, he'd have $34.76 in his retirement fund.
C. For every $1 Ali saved he now has $34.76.
D. For every $34.76 Ali saved he now has $1.
E. Ali now has $3,476 in his retirement fund.
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