You and Your Sister Are Planning a Large Anniversary Party

Multiple Choice

You and your sister are planning a large anniversary party 3 years from today for your parents' 50^th wedding anniversary.You have estimated that you will need $4,500 for this party.You can earn 2.5 percent compounded annually on your savings.How much would you and your sister have to deposit today in one lump sum to pay for the entire party?

A) $4,076.55
B) $4,178.70
C) $4,308.16
D) $4,334.90
E) $4,368.81