How much money will be in the account at the end of year 40 (round to the nearest $1,000)?
You are going to pay $100 into an account at the beginning of each of the next 40 years. At the beginning of the 41st year, you buy a 30-year annuity whose first payment comes at the end of the 41st year (the account pays 12%).
A) $77,000
B) $86,000
C) $69,000
D) $93,000
Answer: B
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