Suppose Payments Were Made at the End of Each Quarter

Multiple Choice

Suppose payments were made at the end of each quarter into an ordinary annuity earning interest at the rate of 12%/year compounded quarterly. If the future value of the annuity after 3 years is $40,000, what was the size of each payment? Round your answer to the nearest cent. ​

A) R = $2,818.48
B) R = $2,761.13
C) R = $2,794.95
D) R = $2,855.96