Solve the problem. Refer to the table if necessary.
Greg plans to contribute $500 per year to a retirement plan and is debating the use of a certificate of deposit that pays 2% per year versus a stock fund that he believes will yield 6% per year. Find the future value after 15 years of the CD and the stock fund.
A. CD: $8,341.07
Stock fund: $10,789.28
B. CD: $8,646.71
Stock fund: $11,637.99
C. CD: $7,986.97
Stock fund: $11,637.99
D. CD: $8,646.71
Stock fund: $13,576.06
Answer: B
Mathematics
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