James Already Has $13,000 in His Home Ownership Savings Plan

Multiple Choice

James already has $13,000 in his Home Ownership Savings Plan (HOSP) and he is going to invest $700 more at the end of every three months for five more years. In total, how much will he have in five years if his HOSP earns 11% compounded annually?

A) $31,911
B) $40,047
C) $40,704
D) $38,880
E) $23,766