Mathematics

Nikolas Bray

25 January, 10:14

If a person starts investing $100 per month starting at age 21, and that money earns a 5% return every year, how much will this person have when turning 70 years old? For ease of calculation, assume starting balance of $0 and annual contributions of $1,200 (12*$100).

A. Less than $200,000

B. Between $200,001 and $400,000

C. Between $600,001 and $1,000,000

D. Between $400,001 and $600,000

E. More than 1 million dollars