You Are Saving for a Car That You Plan to Purchase

You are saving for a car that you plan to purchase in five years. You plan to put $3,000 in savings (which earns 8%, compounded annually) at the end of each year until then. How much will you have saved for the car at the end of the five years?

A) $15,000
B) $16,200
C) $17,600
D) $22,040