A Local Furniture Store Is Advertising a Deal in Which

Multiple Choice

A local furniture store is advertising a deal in which you buy a $3,500 living room set with three years before you need to make payments (no interest is incurred) . How much would you have to deposit each month in a savings account earning 3.5 percent APR, compounded monthly, to be able to pay the $3,500 bill in three years?

A) $92.35
B) $108.13
C) $112.86
D) $121.97