Question
You plan to set aside some of your annual bonus as a way to save for retirement, 50 years from now. Your first annual deposit
You plan to set aside some of your annual bonus as a way to save for retirement, 50 years from now. Your first annual deposit of $4,500 will happen one year from now. You decide to invest your money into a savings account that pays 9 percent per year. How much money will you have at retirement if you do not make any more payments, nor take out any money before retirement?
A. $5,551,026
B. $5,511,026
C. $5,111,026
D. $5,155,026
E. None of the above answers are within $10,000 of the correct answer.
Our teacher says the answer is D, but I cannot find that answer no matter what I do. Is the answer D or did my teacher mark the incorrect answer?
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