You will be receiving $2,500 from your family as a graduation present. You have decided to save this money for your retirement. You plan to retire 40 years after graduation. How much additional money will you have at that time if you can earn an average of 12.5% on your investment instead of just 12%?
A) $45,370.08
B) $51,400.62
C) $53,018.97
D) $58,811.99
E) $64,367.48

Question

Quizplus · Accepted Answer

The Answer of You will be receiving $2,500 from your family as a graduation present. You have decided to save this money for your retirement. You plan to retire 40 years after graduation. How much additional money will you have at that time if you can earn an average of 12.5% on your investment instead of just 12%?
A) $45,370.08
B) $51,400.62
C) $53,018.97
D) $58,811.99
E) $64,367.48

You Will Be Receiving $2,500 from Your Family as a Graduation