Today Richard Is Investing $1,000 at 5% Interest for Five

Multiple Choice

Today Richard is investing $1,000 at 5% interest for five years. One year ago, Richard invested $1,000 at 6.25% for six years. How much money will Richard have saved in total five years from now if both investments compound interest annually?

A) $2,543.77
B) $2,641.98
C) $2,678.81
D) $2,630.36
E) $2,714.99