You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 11%, compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65?
A) $690,965.35
B) $453,330.26
C) $711,509.63
D) $757,034.96
E) $640,008.67

Question

You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 11%, compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65? ​
A) $690,965.35
B) $453,330.26
C) $711,509.63
D) $757,034.96
E) $640,008.67

Quizplus · Accepted Answer

The Answer of You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 11%, compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65? ​
A) $690,965.35
B) $453,330.26
C) $711,509.63
D) $757,034.96
E) $640,008.67

You Want to Retire at Age 65