You Are Saving for Your Retirement by Investing $700 Per

Multiple Choice

You are saving for your retirement by investing $700 per month in an annuity with a guaranteed interest rate of 6% per year. You increase the amount you invest at the rate of 4% per year. With continuous investment and compounding, how much will you have accumulated in the annuity by the time you retire in 25 years?

A) $7,406.31
B) $4,209,782.72
C) $740,631.04
D) $38,218.71
E) $165,257.12