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Your older sister deposited $5,000 today at 8.5 percent interest for

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Question;38. Your older sister deposited $5,000 today at 8.5 percent interest for 5 years. You would like to have just as much money at the end of the next 5 years as your sister will have. However, you can only earn 7 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 5 years?A. $321.19B. $360.43C. $387.78D. $401.21E. $413.39

 

Paper#44406 | Written in 18-Jul-2015

Price : $22
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