Question: You have decided to begin saving for retirement. You will deposit $700 in a bank account. Then you will deposit an additional $700 every following

You have decided to begin saving for retirement. You will deposit $700 in a bank account. Then you will deposit an additional $700 every following year for 24 years (an annuity due). If your bank pays 4.27% interest, how much will you accumulate in the account at the end of 25 years.

Choices:

$31,526.44
$44,496.99
$35.565.41
$36,030.21
$38,934.87

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