Question: You are planning to retire 40 years from now. If your retirement account pays an annual rate of 6% compounded monthly and you start making

You are planning to retire 40 years from now. If your retirement account pays an annual rate of 6% compounded monthly and you start making a monthly contribution of $400 a month today, how much will you have when you retire in 40 years?

A: $742,857

B: $800,579

C: $787,429

D: $796,596

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