Determine the amount of Andrew\'s monthly payment. You remember that your favori

Question

Determine the amount of Andrew's monthly payment.

You remember that your favorite finance professor told you to begin the painless job of saving for retirement as soon as possible, so you decided to put away $2,000 at the end of each year in a Roth IRA.

Your expected annual rate of return on the IRA is 7.5%.

How much will you accumulate at retirement after 40 years of investing ***(note: this may assume that you are even retiring early)*** ?

which is best choice:
A). $1,088,632

B). $94,426

C). $247,921

D). $454,513

Explanation / Answer

Answer is D. I used excel to get the answer

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