Final answer:
Without specific details on different options, the question cannot be accurately answered. The provided example illustrates the growth of a $3,000 investment at a 7% interest rate over 40 years, resulting in $44,923.
Step-by-step explanation:
The question pertains to which saving option would result in more money by year 3 when saving money early in life and letting the power of compound interest work on the investment. To arrive at that answer, one would typically use the compound interest formula, which calculates how much an initial investment grows over a period of time at a given interest rate. However, there is no provided information about different options or comparative scenarios to ascertain which choice would provide more money by year 3. The provided information only explains the growth of a $3,000 investment over 40 years at a 7% interest rate, which would result in approximately $44,923.
If we had access to the specifics of the options, we would calculate the future value for each one using the compound interest formula FV = P(1 + r)n, where FV represents future value, P is the principal amount, r is the annual interest rate, and n is the number of years.