On January 20, Derek Signed a Contract to Pay Violet

Multiple Choice

On January 20, Derek signed a contract to pay Violet $1,800 plus interest on August 15 and $2,200 plus interest on September 12. Both payments carried a 6% simple interest annually. Violet then sold both contracts to Stephanie on May 10 at a rate of 3.5% annually. Determine how much she received Round to the nearest $100.

A) $5,267.29
B) $4,859.27
C) $4,459.27
D) $4,039.27
E) $3,827.29