Jim Will Retire in 22 Years

Multiple Choice

Jim will retire in 22 years.He will invest $100 each month for 11 years and then let the accumulated value continue to grow for the next 11 years.How much will be available at retirement? Assume 8%,
Compounded monthly.Round to the nearest dollar.

A) $50,573
B) $45,546
C) $48,125
D) $50,621
E) $48,550