5 Find the Value of an Annuity
Solve the problem. Round to the nearest dollar if needed.
-Looking ahead to retirement, you sign up for automatic savings in a fixed-income 401K plan that pays 7% per year compounded annually. You plan to invest $3000 at the end of each year for the next 25 years.
How much will your account have in it at the end of 25 years?
A)$189,747
B)$191,517
C)$188,204
D)$191,045

Question

Quizplus · Accepted Answer

The Answer of 5 Find the Value of an Annuity
Solve the problem. Round to the nearest dollar if needed.
-Looking ahead to retirement, you sign up for automatic savings in a fixed-income 401K plan that pays 7% per year compounded annually. You plan to invest $3000 at the end of each year for the next 25 years.
How much will your account have in it at the end of 25 years?
A)$189,747
B)$191,517
C)$188,204
D)$191,045