Robin, Who Is Self-Employed, Contributes $5,500/year into a Keogh Account

question 1

Multiple Choice

Robin, who is self-employed, contributes $5,500/year into a Keogh account. How much will he have in the account after 15 years if the account earns interest at the rate of 8.5%/year compounded yearly? ​

• A) $155,277.48
• B) $18,698.59
• C) $219,983.36
• D) $6,623.25