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Solve the Problem. -To Save for Retirement, Sue Decides to Deposit $1750 into Deposit

Question 32

Multiple Choice

Solve the problem.
-To save for retirement, Sue decides to deposit $1750 into an IRA at the end of each year for the next 40 years. If the interest rate is 7% per year compounded annually, find the value of the IRA after 40 years. (Round to the
Nearest dollar.)


A) $349,361
B) $24,455
C) $5,388,611
D) $324,871

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