A small business owner contributes $5,000 at the end of each quarter to a retirement account that earns an annual rate of 8.5% compounded quarterly. Suppose when the account reaches $300,000, the business owner increases the contributions to $8,000 at the end of each quarter. What will the total value of the account be after 13 more years since when the account reached? Round your answer to the nearest cent.
?
A. $2,389,533.06
B. $2,537,779.26
C. $1,642,437.44
D. $895,341.82
E. $747,095.62
Answer: C
Mathematics
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