Retirement Investment Advisors, Inc., has just offered you an annual interest rate of 4 percent until you retire in 40 years. You believe that interest rates will increase over the next year and you would be offered 4.6 percent per year one year from today. If you plan to deposit $11,000 into the account either this year or next year, how much more will you have when you retire if you wait one year to make your deposit? Multiple Choice $14,811.38 $2,429.32 $10,740.65 $13,973.72 $15,981.67
Retirement Investment Advisors, Inc., has just offered you an annual interest rate of 4 percent until you retire in 40 years. You believe that interest rates will increase over the next year and you would be offered 4.6 percent per year one year from today. If you plan to deposit $11,000 into the account either this year or next year, how much more will you have when you retire if you wait one year to make your deposit? Multiple Choice $14,811.38 $2,429.32 $10,740.65 $13,973.72 $15,981.67
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Retirement Investment Advisors, Inc., has just offered you an annual interest rate of 4 percent until you retire in 40 years. You believe that interest rates
will increase over the next year and you would be offered 4.6 percent per year one year from today. If you plan to deposit $11,000 into the account either
this year or next year, how much more will you have when you retire if you wait one year to make your deposit?
Multiple Choice
$14,811.38
$2,429.32
$10,740.65
$13,973.72
$15,981.67
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