Charles is planning to take a holiday in Tahiti, three years from now, once the coronavirus pandemic is well and truly over. He wants to save up $5,000 for this trip. How much does he need to deposit into his bank today to achieve this goal, if the bank pays an interest rate of 8.4% per annum, compounded quarterly?

Select one:

a.

$3,769.83

b.

$3,925.38

c.

$3,652.44

d.

$3,896.38