. You would like to have $70,000 in cash to buy a new ride when you graduate in three years. Approximately how much must you deposit at the end of each of the next 12 quarters to have $70,000 cash on the day you make your 12^th and final deposit if interest is 16% compounded annually?

A. $4,700 B. $5,000

C. $5,300 D. $5,600 E. $5,800