Question
23) Your aunt places $10,000 into an account earning an interest rate of 3% per year. After 5 years the account will be valued at
23) Your aunt places $10,000 into an account earning an interest rate of 3% per year. After 5 years the account will be valued at $11,592.74. Which of the following statements is correct? A) The present value is $10,000, the time period is 3 years, the present value is $11,592.74, and the interest rate is 5%. B) The future value is $10,000, the time period is 5 years, the principal is $11,592.74, and the interest rate is 3%. C) The principal is $10,000, the time period is 5 years, the future value is $11,592.74, and the interest rate is 3%. D) The principal is $10,000, the time period is 3 years, the future value is $11,592.74, and the interest rate is 5%. SHOW WORK
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