If Enrique leaves the money in the account until he is 68, by approximately what amount would the balance increase between his 62nd and 68th years?
As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice.
A) $14,872
B) $108,569
C) $8,291
D) $35,551
Answer: A
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