During Four Years of College, Nolan MacGregor's Student Loans Are

Multiple Choice

During four years of college, Nolan MacGregor's student loans are $4,700, $3,500, $4,200, and $4,500 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year loan earns an annual rate of 1% interest for year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. Round your answer to the nearest cent. ​

A) $18,134.13
B) $17,371.25
C) $17,544.96
D) $17,767.92
E) $18,357.08