Michael has set up an IRA and will deposit $3,000 at the end of each year from age 25 to age 65. Find the...

5. Michael has set up an IRA and will deposit $3,000 at the end of each year from age 25 to age 65. Find the amount of the annuity if the investment is in a stock fund yielding 7% interest, compounded annually.
According to the Future Value of Ordinary Annuities Chart, the factor at 40 compounding periods and 7% interest is 199.6351.
A) $226,351.17
B) $598,905.30
C) $300,000.00
D) $199,635.28