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1 of 30 Mark Tom and Antonio both want to open savings accounts today. Tom wants to have $1,000 in his savings account six years
1 of 30 Mark Tom and Antonio both want to open savings accounts today. Tom wants to have $1,000 in his savings account six years from now. Antonio wants to have $1,000 in his savings account three years from now. Which of the following statements is(are) correct assuming that both Antonio and Tom earn the same rate of interest? Assume that the interest rate is greater than zero and less than 20%. 1. Tom needs to deposit more money into his account today than does Antonio. II. Tom will need to deposit twice the amount of money today as Antonio. III. Antonio needs to deposit more money into his account today than does Tom. IV. Antonio needs to deposit twice the amount of money today as Tom. O a. I only O b. I only O c. Ill only O d. III and IV only O e. Il only re
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