Jim Wants to Invest $5,000 at the End of Each

Multiple Choice

Jim wants to invest $5,000 at the end of each year for the next 10 years to prepare for his retirement. He believes he can earn 7% on his investments. What will the value of his investment be at the end of 10 years?
$\begin{array}{|r|l|l|l|l|l|l|}\hline \text {Future}\\\text {Value of an }\\\text { Annuity of }\\\$ 1\\ \hline &4\%&5\%&6\%&7\%&8\%&9\%\\\hline1 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 & 1.000 \\\hline 2& 2.040 & 2.050 & 2.060 & 2.070 & 2.080 & 2.090 \\\hline 3 & 3.129 & 3.153 & 3.184 & 3.215 & 3.246 & 3.278 \\\hline 4 & 4.246 & 4.310 & 4.375 & 4.440 & 4.506 & 4.573 \\\hline 5 & 5.416 & 5.526 & 5.637 & 5.751 & 5.867 & 5.985 \\\hline 6 & 6.63 & 6.80 & 6.97 & 7.153 & 7.336 & 7.523 \\\hline 7 & 7.898 & 8.142 & 8.394 & 8.654 & 8.923 & 9.200 \\\hline 8 & 9.214 & 9.549 & 9.897 & 10.26 & 10.64 & 11.03 \\\hline 9 & 10.58 & 11.03 & 11.49 & 11.98 & 12.49 & 13.02 \\\hline 10 & 12.01 & 12.58 & 13.19 & 13.82 & 14.49 & 15.19 \\\hline\end{array}$

A) $61,060
B) $69,900
C) $62,650
D) $69,100