If he sticks to the plan, Enrique's savings will grow to approximately ________ by age 62
As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice.
A) $25,339
B) $31,920
C) $4,660
D) $148,780
Answer: A
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