A grandmother has a granddaughter entering university next year. Her granddaughter expects to remain in school for nine years and receive a PhD. This grandmother wishes to provide $1,000 a year to her granddaughter for entertainment expenses. The student saves the income from her grandmother in an account paying 3.5% effective annual interest, how much will she have when she receives the final $1,000 payment? 11731.39 10368.50 11569.38 12536.12