As a Fringe Benefit for the Past 8 Years, Colin's

Multiple Choice

As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed $2,000 at the end of each of the last 4 years into an IRA that pays interest at the rate of 10%/year compounded yearly. How much does Colin have in his retirement fund at this time? ​

A) $9,282.00
B) $9,813.83
C) $6,693.43
D) $15,975.43