You Just Received $278,000 from an Insurance Settlement

Multiple Choice

You just received $278,000 from an insurance settlement. You have decided to set this money aside and invest it for your retirement. Currently, your goal is to retire 38 years from today. How much more will you have in your account on the day you retire if you can earn an average return of 9.5% rather than just 9.0%?

A) $794,014
B) $1,396,036
C) $1,611,408
D) $1,818,342
E) $2,033,333