M. Fields, Inc. wishes to accumulate $1,200,000 to be used to pay off a balloon note at the end of 4 years. How much will M. Fields invest today to accumulate the desired amount if the investment earns an annual rate of 12% compounded quarterly? (Select the closest amount.)

Select one:

a. $704,000

b. $747,804

c. $130,496

d. $508,416