JG Asset Services is recommending that you invest $1,075 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures?

Select the correct answer.

a. $1,269.46

b. $1,276.76

c. $1,254.86

d. $1,262.16

e. $1,284.06