You want to save $59,400 in the next 8 years to buy a car. The savings account you are thinking about offers 4.40% annually. You also plan to increase your annual deposits by 2.50% each year. What should be your deposit at the end of the first year?

a.

$6,945

b.

$7,023

c.

$5,216

d.

$6,355

e.

$5,852