Question
You are celebrating your 22 nd birthday today. You have decided to start investing toward your retirement beginning one month from today. For the first
You are celebrating your 22nd birthday today. You have decided to start investing toward your retirement beginning one month from today. For the first twenty years, you will invest $500 every month. During the next ten years, you will increase your contributions to $900 per month. For the remainder of your working life until you retire at age 67, you plan to invest $1,500 every month. If your investments earn a rate of return of 8.4 percent throughout your working life, how much will be in your retirement account on the day you retire?
A. | $1,885,411 | |
B. | $4,352,744 | |
C. | $2,900,421 | |
D. | $3,638,580 |
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