You Are Saving for Your Retirement by Investing $700 Per

question 6

Multiple Choice

You are saving for your retirement by investing $700 per month in an annuity with a guaranteed interest rate of 6% per year. You increase the amount you invest at the rate of 4% per year. With continuous investment and compounding, how much will you have accumulated in the annuity by the time you retire in 25 years?

• A)$7,406.31
• B)$4,209,782.72
• C)$740,631.04
• D)$38,218.71
• E)$165,257.12

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