You have $5,000 in an index mutual fund. At an average annual rate of return of 10% per year, this investment should exceed a value of $500,000 by the time you retire in 40 years
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: FV = PV ∗ (1 + r)n = $5,000 ∗ (1.1)40 = $226,296.28.
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