Michael Phelps has deposited $12,000 in a guaranteed investment account with a promised rate of 4% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?

		$10,297.43
		$13,498.37
		$11,826.71
		$10,645.31
		$11,251.98