You Want to Go to Europe 5 Years from Now

Multiple Choice

You want to go to Europe 5 years from now, and you can save $3,100 per year, BEGINNING IMMEDIATELY. You plan to deposit the funds in a mutual fund that you expect to return 8.5% per year. Under these conditions, how much will you have just after you make the fifth deposit, 5 years from now?

A) $17,986.82
B) $18,933.49
C) $19,929.99
D) $20,926.49