Solve the problem.Suppose that you want to have a $95,706 retirement fund after 40 years. How much will you need to deposit now if you can obtain an APR of 5%, compounded daily? Assume that no additional deposits are to be made to the account.
A. $23,926.50
B. $91,038.37
C. $8598.09
D. $12,954.17
Answer: D
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