How Much Money Would Accumulate Over 35 Years If the Investor

Multiple Choice

How much money would accumulate over 35 years if the investor makes an investment of $3,500 at the end of the first year and always increases the size of the annual investment by 5% over the previous year. The investments are expected to earn 11% compounded annually.

A) $1,195,563
B) $1,928,432
C) $1,010,619
D) $1,624,915
E) $2,311,587