You want to go to Europe 5 years from now, and you can save $3,800 per year, beginning one year from today. You plan to deposit the funds in a mutual fund that you think will return 8.5% per year. Under these conditions, how much would you have just after you make the 5th deposit, 5 years from now?
A. $19,364.12
B. $27,244.86
C. $19,814.45
D. $22,741.58
E. $22,516.42
Answer: E
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