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Amelia just received $42,000 for her 31st birthday. She plans to make a $21,000 annual contribution to her "early retirement fund" on her birthday, beginning a year from today. Amelia invested in the Stable Bond Fund, a mutual fund that invests in high-quality bonds whose investors have earned 6% per year in the past. If the fund earns the same return in the future as in the past, how old will Amelia be when she reaches $3 million dollars? a. 75 years old b. 78 years old
c. 82 years old
d. 68 years old

Q&A Education