Commencing January 1 2022 Naomi plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be made on January 1 2022. Naomi predicts that the rate of return on this fund will be j₁₂=3.65% from 1 January 2022 to 30 June 2022 and j₁₂=4% from 1 July 2022 to 31 December 2022. If we assume these deposits are made at regular intervals, what will the balance of this account be on 31 December 2022?

a.

6108.98

b.

6123.05

c.

6067.29

d.

6128.44