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Mary is hired by ABC Company on 1/1/85. She is eligible to qualify for the...

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Accounting

Mary is hired by ABC Company on 1/1/85. She is eligible to qualify for the company's new hire bonus program. If an employee qualifies at year-end, she will receive a cash bonus payable in two equal installments, half on January 1 and half on July 1.
The first-year bonus is $2,000 and increases by $2,000 each year. Assuming Mary qualified each year (i.e. she received her first payments on 1/1/86) and deposited her bonus in an account that pays an 8% annual effective rate of interest, what is the accumulated value of her bonus payments through 7/1/90?
A. Less than $33,500
B. At least $33,500, but less than $33,750
C. At least $33,750, but less than $34,000
D. At least $34,000, but less than $34,250
E. At least $34,250
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