Answer the Question. -Stephen Sets Up an IRA with an APR of 5

Multiple Choice

Answer the question.
-Stephen sets up an IRA with an APR of 5% at age 26. At the end of each month, he deposits $56 in the account. How much will the IRA contain when he reaches 65? Compare that amount to the
Total amount of deposits made over the time period.

A) $80,643.63; this is $54,435.63 more than the total amount of the deposits.
B) $1534.42; this is $78.42 more than the total amount of the deposits.
C) $57,471.98; this is $35,071.98 more than the total amount of the deposits.
D) $57,716.09; this is $43,653.29 more than the total amount of the deposits.