Future Value of Annuity.Kirk can take his $600 income tax refund and invest it in a 36-month certificate of deposit at

8%, compounded monthly, or he can use the money to purchase a home entertainment system and put

$24 a month in a bank savings account that will pay him 9% annual interest. Which choice will give him more money at the end of three years?

After depositing his income tax refund, at the end of three years Kirk will have=$

(Use your

financial calculator.

Round to the nearest cent.)

After depositing $24 a month, at the end of three years Kirk will have=$

(Use your

financial calculator.

Round to the nearest cent.)

Which choice will give him more money at the end of three years?(Select the best answer below.)

A.With the monthly saving option, he would have

$987.67

in 3 years. If he put the money into a36-month certificate of deposit at

8

percent, he will have

$762.14.

B.With the monthly saving option, he would have

$996.69

in 3 years. If he put the money into a36-month certificate of deposit at

8

percent, he will have

$799.34.

C.With the monthly saving option, he would have

$799.34

in 3 years. If he put the money into a36-month certificate of deposit at

8

percent, he will have

$996.69.

D.With the monthly saving option, he would have

$762.14

in 3 years. If he put the money into a36-month certificate of deposit at

8

percent, he will have

$987.67.