Assume That an Individual Puts $10,000 into a Savings Account

Multiple Choice

Assume that an individual puts $10,000 into a savings account that pays 3% interest, with interest being compounded monthly. The individual plans to withdraw the balance in 5 years to buy a car. If he does not make any further deposits over this period, how much will the individual be able to put towards his purchase?

A) $10,125.63
B) $11,592.74
C) $11,616.17
D) $58,916.03