When John was 20 years old, he opened an individual retirement account by investing $1,300 at 8% interest, compounded quarterly. How much will his investment be worth when he is 42 years old?
?
A. $7,423.06
B. $7,426.46
C. $8,020.15
D. $7,428.06
E. $7,426.06
Answer: E
Mathematics
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