How much money would accumulate over 35 years if the investor makes an investment of $3,500 at the end of the first year and always increases the size of the annual investment by 5% over the previous year. The investments are expected to earn 11% compounded annually.
A) $1,195,563
B) $1,928,432
C) $1,010,619
D) $1,624,915
E) $2,311,587
Correct Answer:
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