It Is January 1st and Darwin Davis Has Just Established

question 13

Multiple Choice

It is January 1st and Darwin Davis has just established an IRA (Individual Retirement Account) . Darwin will put $1,000 into the account on December 31st of this year and at the end of each year for the following 39 years (40 years total) . How much money will Darwin have in his account at the beginning of the 41st year? Assume that the account pays 12% interest compounded annually, and round to the nearest $1,000.

• A) $93,000
• B) $766,000
• C) $767,000
• D) $850,000

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