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Nancy borrowed$12,000 from her parents at the end of each year for 40 years. She promised to pay11.5 percent annual interest each time she borrowed.

Nancy borrowed$12,000 from her parents at the end of eachyear for 40 years. She promised to pay11.5 percent annual interest each time she borrowed. How much does she owe after 40 years if she still hasn't re-paid any of the borrowed money?

A) $7,989,476

B) $8,021,223

C) $8,014,195

D) $8,278,406

E) $7,711,414

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