You Are Saving for Your Retirement by Investing $500 Per

Multiple Choice

You are saving for your retirement by investing $500 per month in an annuity with a guaranteed interest rate of 6% per year. You increase the amount you invest at the rate of 3% per year. With continuous investment and compounding, how much will you have accumulated in the annuity by the time you retire in 35 years Round your answer to the nearest cent.

A) $1,061,703.76
B) $130,012.45
C) $95,283.13
D) $10,617.04
E) $12,160,006.57