You saving up to buy a car. You plan on making your first savings deposit one year from today, and then making deposits for the following 3 years. These are the amounts you plan to save at the end of each year:

Years: 1-4

Projected Savings Amount Year 1: $6,000

Year 2: $6,000

Year 3: $7,000

Year 4:$7,000

You expect to earn an annual rate of 6% per year throughout. What amount will you have available at the end, at time 4, when you will buy the car? Using financial calculator.

a) $21,308 b) $28,308 c) $7,420 d) $26,000 e) $27,560