You've have two retirement accounts. The first was an original deposit of $100,000 that earned 6% annual interest. The second is one that you've been contributing $250 for the last 35 years into your company's retirement account and earned a 6% growth rate. You started both accounts 35 years ago. How much are you retiring with based on your two plans?
A) $112,478.62
B) $1,124,786.25
C) $11,247,862.54
D) $1,024,786.25
E) $2,124,786.25
B) $1,124,786.25
Explanation: Account 1
N = 35
I/Y = 6
PV = 100,000
CPT FV = 768,608.68
Account 2
N = 420
I/Y = .5
PMT = -250
CPT FV = 356,177.57
Add both solutions = 1,124,786.25
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