Robert Invests $650 in a Savings Account at the Beginning

Multiple Choice

Robert invests $650 in a savings account at the beginning of each of the next seven years. If his opportunity cost rate is 5 percent compounded annually, how much will his investment be worth after the last annuity payment is made? Use a financial calculator to determine the amount.

A) $5,048
B) $5,325
C) $5,557
D) $6,058
E) $6,656