SOLVE THE PROBLEM STEP BY STEP THE ANSWER is $1,863,831

You just received a $335,000 insurance settlement. Because you are a savvy investor, you have decided to set the money aside for your retirement. Currently, you are planning to retire in 30 years. Your bank gives you two options. Option 1: You can invest the entire amount ($335,000) at 8% compounded annually or Option 2: $300,000 at 10% compounded annually. About how much more will you have in your account on the day you retire if you choose option 2