Florence is looking to invest for retirement, which she hopes will be in 20 years. She is looking to invest $22,500 today in an Australian fixed interest managed fund that will earn interest at 3.25 percent per annum compounding monthly. How much will she have at the end of 20 years? (Round to the nearest dollar.)

Select one:

a. $43,062

b. $77,044

c. $32,371

d. $75,642