You begin saving for your retirement by depositing $500 at the end of each month in an RRSP. As of the start of these regular payments, you’ve already saved $10,000. If the interest rate is 7.5%, compounding monthly, how much have you saved for retirement after 40 years?

Select one:

a.

$1,695,200

b.

$1,798,550

c.

$1,710,900

d.

$1,672,600

e.

$1,511,911