Multiple Choice
Joseph Ray just received an inheritance of $35,775 from his great aunt. He plans to invest the funds for retirement. If Joseph can earn 4.75% per year with quarterly compounding for 32 years, how much will he have accumulated? (Round off to the nearest dollar.)
A) $237,416
B) $71,550
C) $184,622
D) $162,113
Correct Answer:
Verified
Correct Answer:
Verified
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