You are planning to send your child to a summer camp in 9 months. The camp will cost you $1,200 at that time. You have decided to invest a lump sum of money now that will grow to $1,200 by the time it is needed. Assuming the money grows at a nominal annual interest rate of 12.4% compounded daily, how much money should you set aside now to have the funds available when needed?

$1196.34

$1093.45

$1096.73

$1099.30