Waldo expects to save the following amounts: Year 1 = $50,000; Year 2 = $28,000; Year 3 = $12,000. If he can earn an average annual return of 10.5 percent, how much will he have saved in this account exactly 25 years from the time of the first deposit?
A) $1,172,373
B) $935,334
C) $806,311
D) $947,509
E) $1,033,545
Correct Answer:
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