Question: everyone on here is saying that the answer is the first option, but i think that answer is wrong. please help You plan to invest

everyone on here is saying that the answer is the first option, but i think that answer is wrong. please help

You plan to invest some amount of money in 5-year certificate of deposit (CD) at your bank. The stated annual interest rate applied to the CD is 12%, but interest is compounded monthly. How much must you invest if you want the balance in the CD account to be $8,500 in 5 years? $4.678.82 $4,823.13 $7.589.29 $13,600.00 $14.979.90

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