Manuel Deposits $35,000 into an Investment Account Earning 3

Manuel deposits $35,000 into an investment account earning 3.9% interest compounded annually. The purpose of this deposit is for Manuel to withdraw $700 per month as an allowance during his 4 years of university. In addition, he wishes to have some money left in the account after the 4-year time period. Using the financial functions on the calculator, determine the amount of remaining after his education is completed.

A) $8,285.45
B) $7,890.56
C) $6,244.12
D) $5,125.84
E) $4,538.38

Correct Answer:

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