Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
A trip will cost you $10,000 three years from now. You have deposited $5,000 @ 6% interest annually. Your aunt will pay for the rest.
A trip will cost you $10,000 three years from now. You have deposited $5,000 @ 6% interest annually. Your aunt will pay for the rest. Your aunts account offers 10% of interest. How much shall your aunt deposit now, so that you can make the trip happen?
A) $5,703 B) $3,651 C) $3,039 D) $3,347
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started