Bradley Snapp Has Deposited $7,000 in a Guaranteed Investment Account

Multiple Choice

Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually.He plans to leave it there for 4 full years when he will make a down payment on a car after graduation.How much of a down payment will he be able to make?

A) $1,960.00
B) $2,175.57
C) $8,960.00
D) $8,837.34
E) $9,175.57