How much could a self employed individual earning $187,000 per year accumulate in a SEP plan if the individual invests the maximum allowed for 20 years at a return of 9%? Round to the nearest dollar if needed
A) $2,148,678
B) $2,391,736
C) $840,000
D) $935,000
Answer: B
Explanation: B) $187,000 × 0.25 = $46,750
$46,750 × 51.159 (FVIFA - i = 9 percent; n = 20) = $2,392,151
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