Bobby’s retirement plan includes an account in which he invests $100 a month at a rate of 7.6% compounded monthly. Bobby continues to make payments into this account for 40 years at which time he will be 65 years old. How much money will he have in this retirement account when he retires at age 65? (Note: payments are made at the end of each period, and use i = .076/12 = 0.00633 rounded to the fifth decimal place).
A.) $234,087.49 B.) $245,820.51 C.) $278,362.95 D.) $310,788.37
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