Raymond Wants to Save the College Tuition Fees He Will

Multiple Choice

Raymond wants to save the college tuition fees he will need in ten years by starting with a deposit of $6500 today and depositing another $500 at the end of each year. How much will Raymond have in ten years if he gets a rate of return of four percent?

A) $15 625
B) $11 960
C) $15 865
D) $17 023