Clarence Has Been Investing $1,000 at the End of Every

question 172

Multiple Choice

Clarence has been investing $1,000 at the end of every year at 11% compounded annually. With today's contribution his investment has grown to $44,500. How many years ago did he make the first contribution?

• A) 26 years
• B) 49 years
• C) 17 years
• D) 31 years
• E) 12 years

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