13
QuizMultiple Choice

Retirement Savings Options

Question 13 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

Marnie makes regular annual payments of $5,000 to her Individual Retirement Account (IRA). If the amount of interest she earns is 5.6% per year, determine the future value of the account after 35 years. Round to the nearest cent.

Answer
A
$540,581.69
B
$511,914.48
C
$190,508.32
D
$189,623.41
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