Sharon plans on attending the University of Florida's agricultural program in two years. Since Sharon does not live near the
university, her projected bill for the first year, including room and board, will be $22,325. Instead of depositing money in an
account monthly, Sharon decides to buy a CD. City National Bank of Florida is currently advertising a 24-month CD at a
rate of 2.95% compounded monthly. How much would Sharon need to deposit into the CD now to have enough to cover her
first year's tuition?
O $20,676.42
O $11,111.15
O $21,047.45