Brittany will be working full time this summer to save for her goal of having $10,000 by the time she's 21. Brittany has an account that will pay3.5% interest, compounded monthly. She'll turn 17 at the end of the summer. About how much will Brittany have to deposit at the end of thesummer so that her money can grow into $10,000 by the time she's 21?A $8,663B. $8,681OC $8.695D. $8,720

Answer:8,695Step-by-step explanation:The formula for compound interest is :Money = C * (1+r)^nWhereC is the money investedr is the interestn is the periods you are investingMoney is the money you will have at the end of the period In this problem C is what you need to find, the interest is 3.5% (anually) and since it is compounded monthly you have to divide it by 12 months to know exactly the interest of each month:3.5/12 = 0.2917The number of periods invested is 4 years, and because the interest is monthly the exact number of periods is 48 ( 4* 12 )Replacing and solving:10000 = C * (1+0.002917)^48C = 8,695