Arnold learned something very valuable as a teenager from his dad. He was told to invest $1,250 at 8% interest at age 20 and leave it alone until age 65. Arnold's dad knew that one strategy that wealthy people use is to exercise self-discipline to never touch this long-term plan. Arnold is very happy he applied his dad's advice.
If his savings had earned 14%, Arnold's savings would be ________ by age 68.
Question 8 options:
a) $116,723
b) $31,674
c) $673,508
d) $256,000
e) none of these