John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing $110 per month for the next 4 years in a savings account with a rate of 4% per year compounded monthly. How much will he have saved toward his down payment at the end of the 4 year period?

a) $5,705.56

b) $5,695.56

c) $5,675.56

d) $5,725.56

e) $5,715.56

f) None of the above.