Starting at the Age of 30, at the End of Each

question 25

Multiple Choice

Starting at the age of 30, at the end of each month, you invest $540 into a retirement IRA (individual retirement account) . The IRA guarantees an APR of 9% compounded monthly for the life of the account. How much money will you have in the account when you turn 65? Give your answer as a decimal rounded to the nearest hundredth.

• A) $504000.00
• B) $1588563.62
• C) $1708965.24
• D) $1974965.87
• E) None of the above.

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Definitions:

Internet

A global network of interconnected computers and servers that allows for the transmission of data and communication across vast distances.

RDBMS

Relational Database Management System, a type of database management system that stores data in tables with relationships between them.

DBMS

Acronym for Database Management System, a software system designed to store, manage, and retrieve data from databases.

Browser

Software used to access and navigate the Internet, displaying web pages and facilitating online communication.