Dwayne invests $4,700 in a savings account at the beginning of each of the next twelve years. If his opportunity cost rate is 7 percent compounded annually, how much will his investment be worth after the last annuity payment is made? Use the equation method to calculate the worth of the investment. (Round your answer to two decimal places.)
A. $87,542.29
B. $89,961.02
C. $91,250.52
D. $93,668.00
E. $95,157.85
Answer: B
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