A Year Ago,you Deposited $40,000 into a Retirement Savings Account

Multiple Choice

A year ago,you deposited $40,000 into a retirement savings account at a fixed rate of 5.5 percent.Today,you could earn a fixed rate of 6.5 percent on a similar type account.However,your rate is fixed and cannot be adjusted.How much less could you have deposited last year if you could have earned a fixed rate of 6.5 percent and still have the same amount as you currently will when you retire 38 years from today?

A) $10,118.42 less
B) $10,333.33 less
C) $11,417.09 less
D) $12,274.12 less
E) $12,313.30 less