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3. Chris invests 500 at the beginning of each year into Fund A. Fund A earns interest at a nom- inal interest rate of 12%

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3. Chris invests 500 at the beginning of each year into Fund A. Fund A earns interest at a nom- inal interest rate of 12% compounded monthly. Fund A pays Chris interest monthly. Chris reinvests that interest in Fund B earning an annual effective rate of 7%. Calculate the total amount in Fund A and Fund B after 10 years. (A) 35, 042 (B) 36, 126 (C) 37, 295 (D) 38, 782 (E) 39, 573 3. Chris invests 500 at the beginning of each year into Fund A. Fund A earns interest at a nom- inal interest rate of 12% compounded monthly. Fund A pays Chris interest monthly. Chris reinvests that interest in Fund B earning an annual effective rate of 7%. Calculate the total amount in Fund A and Fund B after 10 years. (A) 35, 042 (B) 36, 126 (C) 37, 295 (D) 38, 782 (E) 39, 573

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