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Solve the Problem 1%1 \% Initial Deposit $2500\quad \$ 2500 Annual Rate of Return

Question 252

Multiple Choice

Solve the problem.
-Find the future value (to the nearest dollar) of the following inflation-adjusted retirement account. Deposits are made at the end of each year. Annual inflation rate: 1%1 \%
Initial deposit: $2500\quad \$ 2500
Annual rate of return: 5%5 \%
Number of years: 20


A) $85,091\$ 85,091
B) $103,005\$ 103,005
C) $97,630\$ 97,630
D) $89,569\$ 89,569

Correct Answer:

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