As part of a worldwide sting operation, Patrick ) got busted by INTERPOL for dealing stolen art. He was sentenced to serve 5 years in a federal prison and was banished from the syndicate. During his time in prison, he decided he'd better choose a less risky, steadier career, so he took college courses and became an engineer. During his 5 years in prison, he managed to save $732. It is now the present day and he is embarking on his new life. He decided today to open a savings account. With his new job as an engineer, he will be able to invest $2,850 annually in the account, beginning Year 1.He expects the account to deliver a return of 7.8% per year and plans to retire after accumulating 30 years of contributions to the IRA. Assuming Patrick starts out with an initial deposit of $732, if Patrick is able to meet his goals for annual investing, how much will he have in the retirement account after 30 years of investment?

1. $318,216
2. $1,106,481
3. $311,980
4. $311,248