To calculate the future value of the deposits, we can use the formula for the future value of a series of deposits:
Future Value = P * ((1 + r)^n - 1) / r
Where:
P = Annual deposit amount ($9,400)
r = Interest rate per period (5.2% or 0.052)
n = Number of periods (3 years)
Plugging in the values, we get:
Future Value = $9,400 * ((1 + 0.052)^3 - 1) / 0.052
Calculating this expression will give us the future value of the deposits after 3 years.
Future Value = $9,400 * (1.052^3 - 1) / 0.052
Future Value ≈ $9,400 * (1.165308 - 1) / 0.052
Future Value ≈ $9,400 * 0.165308 / 0.052
Future Value ≈ $29,006.15
Therefore, you will have approximately $29,006.15 three years from today. None of the provided answer choices match this amount.