The compound interest formula is given by

where A is the resulting amount after t years, P is the present value (or principal amount) , r is the annual interest rate and n is the number of compounding periods per year.
From the given information, we have that

By substituting these values into the formula, we have

which gives

Therefore, by rounding to the nearest thousandth, the answer is $1612.23, which corresponds to the last option.