Taylor deposits $3,500 at the end of year 1, $4,000 at the end of year 3 and $2,500 at the end of year 5. If interest is 6.2% compounded monthly, determine the value at the end of year 7.
A) $11,504.67
B) $11,909.03
C) $12,504.67
D) $13024.06
E) $13,504.67

Question

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The Answer of Taylor deposits $3,500 at the end of year 1, $4,000 at the end of year 3 and $2,500 at the end of year 5. If interest is 6.2% compounded monthly, determine the value at the end of year 7.
A) $11,504.67
B) $11,909.03
C) $12,504.67
D) $13024.06
E) $13,504.67

Taylor Deposits $3,500 at the End of Year 1, $4,000