Bradley Snapp has deposited $6,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?

Options:

a)

$2,397.00

b)

$3,288.00

c)

$6,321.32

d)

$7,574.86

e)

$8,857.59