After you get your first job, you start a new savings plan. Starting from this month, you will deposit 20% of your monthly salary into a savings account. You currently earn $6500 per month, and the EAR is 5%. What is the total accumulated balance two years later, at the end of the 24th month? Choose the closest value.

Select one:

a. $25,276

b. $45,707

c. $41,319

d. $32,706

e. $34,593