1. Bank Icon pays 4% interest rate compounded quarterly. However, your deposit will be annually. Your first deposit of $8,000 will be made immediately (Year 0). You will add another $5,000 to the account one year from now (end of Year 1) and another $7,500 to the account two years from now (end of Year 2), how much will be in the account at the end of three years (12 quarters from now)?

A. $22,233.41

B. $23,789.75

C. $26,457.76

D. $20,232.41

E. $19,565.40

Please show work