You want to go to Europe 5 years from now, and you can save $5,300 per year, beginning one year from today. You plan to deposit the funds in a mutual fund that you think will return 8.8% per year. Under these conditions, how much would you have just after you make the 5th deposit, 5 years from now?

a. $39,672.98 b. $24,166.18 c. $34,372.98 d. $31,592.81 e. $28,832.00