Multiple Choice
5 Find the Value of an Annuity
Solve the problem. Round to the nearest dollar if needed.
-To save for retirement, you decide to deposit $2500 into an IRA at the end of each year for the next 35 years. If the interest rate is 9% per year compounded annually, find the value of the IRA after 35 years.
A) $539,277
B) $48,535
C) $492,456
D) $23,272,500
Correct Answer:
Verified
Correct Answer:
Verified
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