You expect to save $1,000 at the end of every year for 8 years. During the first 4 years, your savings will earn 4%, compounded semi-annually. During the last 4 years, your savings will earn 5%, compounded monthly. How much money will you have after 8 years? Round to the nearest dollar.

a.

$8,790

b.

$9,296

c.

$9,505

d.

$8,567