How much can be accumulated for retirement if $2,000 is deposited annually, beginning one year from today, and the account earns 9% interest compounded annually for 40 years (rounded up to the nearest 100th dollar)?
A. $87,200
B. $320,950
C. $675,800
D. $802,350
Answer:C
How much can be accumulated for retirement if $2,000 is deposited annually, beginning one year from today, and the account earns 9% interest compounded annually for 40 years (rounded up to the nearest 100th dollar)?
A. $87,200 B. $320,950 C. $675,800 D. $802,350