Multiple Compounding Periods (FV): Carolyn Botti Wants to Invest $3,500

Multiple Choice

Multiple compounding periods (FV) : Carolyn Botti wants to invest $3,500 today in a money market fund that pays quarterly interest at 5.5 percent. She plans to fund a scholarship with the proceeds at Brisbane University. How much will Carolyn have at the end of seven years? (Round to the nearest dollar.)

A) $5,091
B) $3,548
C) $5,130
D) $5,075