Seven years ago David deposited $10,000 into an account earning 5.25% compounded monthly. Recently, David was quoted by a home improvement firm a price of $15,000 to renovate his roof. Does David have enough cash on hand to pay for the roof?

Multiple Choice

• Yes. David now has exactly $15,000 in his account.

• No. David has $12,818 in his account

• Yes. David now has $17,818 in his account.

• No. David has only $14,430 in his account.

• No. David has only $11,508 in his account