Assume That $500 Is Deposited at the End of Each

Multiple Choice

Assume that $500 is deposited at the end of each year in an account in which interest is compounded annually at a rate of 7%.Find the accumulated amount after 5 years.Round to the nearest cent.

A) $2,897.07
B) $2,882.17
C) $2,864.87
D) $2,888.97
E) $2,875.37