You plan to invest an amount of money in five (5) year certificate of deposit (CD) at your bank. The stated interest rate applied to the CD is 12 percent, compounded monthly and paid out at the end of the five years. How much must you invest today if you want the balance in the CD account to be $30,000 in seven (7) years? (Hint:Need to adjust time and interest rate for monthly compounding - e.g., time is 84 periods, interest rate becomes ____%?)

A

$9,358

B

$10,332

C

$13,005

D

$11,009