Peter Makes a $25,000 Lump Sum Amount in an Account

Multiple Choice

Peter makes a $25,000 lump sum amount in an account earning 4.5% compounded quarterly. He plans to withdraw $250 per month over three years. Determine the future value of the account at the end of this period.

A) $22,674.15
B) $21,081.08
C) $19,528.82
D) $18,977.74
E) $17,602.45