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Joseph Ray Just Received an Inheritance of $50,000 from His

Question 17

Multiple Choice

Joseph Ray just received an inheritance of $50,000 from his great aunt. He plans to invest the funds for retirement. If Joseph can earn 6% per year with quarterly compounding for 30 years, how much will he have accumulated? (Round off to the nearest dollar.)


A) $298,466
B) $271,550
C) $284,622
D) $269,113

Correct Answer:

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