Joe Expects to Start Working Immediately After Graduation and He

question 63

Multiple Choice

Joe expects to start working immediately after graduation and he is already planning to retire.He wants to retire in twenty-five years and hopes that he will be able to do so comfortably by investing $2,000 at the end of each year throughout this period.If he earns 5% compounded annually,how much will be in his retirement fund in twenty-five years?

• A) $95,454.20
• B) $54,000.00
• C) $169,317.75
• D) $102,226.00
• E) $76,345.93