You believe in the power of compounding and decide to save $1 per day

You believe in the power of compounding and decide to save $1 per day by avoiding the purchase
of a soda. You deposit the $1 at the end of each day in a bank account that pays 8% interest
compounded daily.

You are going to take a trip in 20 years with the money you have accumulated.
How much money will you have in 20 years, assuming 365 days per year?
A) $7,500 B) $18,032 C) $12,438 D) $22,456

ANSWER

B