Multiple Choice
5 Find the Value of an Annuity
Solve the problem. Round to the nearest dollar if needed.
-Looking ahead to retirement, you sign up for automatic savings in a fixed-income 401K plan that pays 7% per year compounded annually. You plan to invest $3000 at the end of each year for the next 25 years.
How much will your account have in it at the end of 25 years?
A) $189,747
B) $191,517
C) $188,204
D) $191,045
Correct Answer:
Verified
Correct Answer:
Verified
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