Multiple Choice
Clarence has been investing $1,000 at the end of every year at 11% compounded annually. With today's contribution his investment has grown to $44,500. How many years ago did he make the first contribution?
A) 26 years
B) 49 years
C) 17 years
D) 31 years
E) 12 years
Correct Answer:
Verified
Correct Answer:
Verified
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