Nino Plans to Initially Contribute $10,000 and Increase His Yearly

Multiple Choice

Nino plans to initially contribute $10,000 and increase his yearly contributions by 2% each year for 15 years. If the rate of interest is 4% compounded annually, determine how much the investment will be worth in 15 years.

A) $227,537.58
B) $229,537.58
C) $231,537.58
D) $233,537.58
E) $235,537.58