If You Want to Have $12,500 in 57 Months,how Much

Multiple Choice

If you want to have $12,500 in 57 months,how much money must you put in a savings account today? Assume that the savings account pays 4.5% and it is compounded quarterly; round to nearest $1.

A) $8,459
B) $10,106
C) $10,387
D) $11,129