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Your grandmother sent you a check of $1,000, telling you to start investing early. So you invest the $1,000 in a market index fund with
Your grandmother sent you a check of $1,000, telling you to start investing early. So you invest the $1,000 in a market index fund with an expected return of 8% annually. You also place $5 in a drawer each day and plan to invest the accumulated savings ($1,825) from the drawer into the same market index fund at the end of the year. If you keep saving in this manner, how much will you have accumulated after 45 years? Select one: a. $494,502.67 b. $690,118.75 O c. $682,500.62 O d. $737,293.20
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