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Given below are the future value factors for 1 at 8% for one to five periods. Periods Future Value of 1 at 8% 1 1.080

Given below are the future value factors for 1 at 8% for one to five periods.

Periods Future Value of 1 at 8%

1 1.080

2 1.166

3 1.260

4 1.360

5 1.469

What amount should be deposited in a bank account today to grow to $15,000 three years from today, assuming 8% interest compounded annually?

a.$15,000 1.260

b.$15,000 1.260 3

c.$15,000 1.260

d.$15,000 1.080 3

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