Charlotte lives in Montreal and earns $51,000 of taxable income. From her excess cash flow she will invest $1,000 today and $250 at the end of every...

Charlotte lives in Montreal and earns $51,000 of taxable income. From her excess cash flow she will invest $1,000 today and $250 at the end of every month for the first six months of the year. She expects to earn a return of 3%, compounded monthly, and taxable at her marginal tax rate (see Table A at the end of the case study for combined Federal and Quebec tax rates). What will be the value of her after-tax investment in one year's time?

a)    $1,611.37

b)   $2,539.19

c)    $2,562.60

d)   $4,045.10