Clay Buckley dressed his last game for his team in Indianapolis in 1991. On a Monday. He placed $45,000 into an account and let it grow at 12% compounded quarterly for 31 years. Approximately how much will Clay have accumulated in 2012 (31 years later)?

A. $1,510,000

B. $1,590,000

C. $1,620,000

D. $1,670,000

E. $1,760,000