If Gerry makes a deposit of $1,500 at the end of each quarter for five years, how much will he have at the end of the five years assuming a 12% annual return and quarterly compounding?
A) $40,305
B) $30,000
C) $108,078
D) $161,220
A) $40,305
= $1,500 × 26.870 = $40,305
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