You Have Discovered an Investment Opportunity That Earns A(n) 3

Multiple Choice

You have discovered an investment opportunity that earns a(n) 3% rate of interest compounded quarterly. Which of the following amounts is approximately equal to the amount you should deposit today to have $8,000 in five years? Use the formula method. (Do not round any intermediary calculations, and round your final answer to the nearest dollar.)

A) $6,800
B) $6,901
C) $6,893
D) $6,890