Travis Invests $5,500 Today into a Retirement Account

question 46

Multiple Choice

Travis invests $5,500 today into a retirement account.He expects to earn 9.2 percent, compounded annually, on his money for the next 13 years.After that, he wants to be more conservative, so only expects to earn 6 percent, compounded annually.How much money will he have in his account when he retires 25 years from now, assuming this is the only deposit he makes into the account?

• A)$29,411.20
• B)$34,747.80
• C)$34,616.56
• D)$41,919.67
• E)$42,003.12

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