You Want to Go to Europe 5 Years from Now,and

Multiple Choice

You want to go to Europe 5 years from now,and you can save $3,100 per year,beginning one year from today.You plan to deposit the funds in a mutual fund that you think will return 8.5% per year.Under these conditions,how much would you have just after you make the 5th deposit,5 years from now?

A) $18,369
B) $19,287
C) $20,251
D) $21,264
E) $22,327