Lorene Buckley Wants to Invest $3,500 Today in a Money

Multiple Choice

Lorene Buckley wants to invest $3,500 today in a money market fund that pays an annual rate of 5 percent paid quarterly. She plans to fund a scholarship with the proceeds at her alma mater, Towson University. How much will Lorene have at the end of seven years? (Round to the nearest dollar.)

A) $5,091
B) $3,849
C) $4,956
D) $5,075