Today you sold a horse. You purchased the horse 2 years ago for $1,000. You calculate that the future value interest factor (FVIF) on the investment ended up being 3. This means that:

A. The FVIF would be higher if we used quarterly compounding.

B. You earned $3 for every $1 you invested in the horse.

C. The FVIF would be lower if we used monthly compounding.

D. The person who bought the horse can expect to make 3 times their money back.

E. You sold the horse for $3,000.