You marry at 20 after finding true love. Being extremely proactive, you're already planning for retirement. You think it would be nice for you and your spouse to each have amassed a million dollars once you retire. In your budget, you've made room for you and your spouse to both contribute $300 each to a retirement account gaining 8% annual growth. How much will you have when you turn 60 years old?
A) $209,460.47
B) $20,946.04
C) $1,094,604.70
D) $294,604.70
E) $2,094,604.70
E) $2,094,604.70
Explanation: N = 40 * 12 = 480
I/Y = 8/12 = .6667
PMT = -600 (300 + 300)
CPT FV = 2,094,604.70
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