The Morgans would like to send their daughter to a

music camp at the end of each of the next five

years. The camps costs $1,000 a year. What lump-

sum amount would have to be invested now to

have $1,000 at the end of each year if the rate of

return is 8%.

a. $

681

b. $3,993

c. $4,674

d. $5,000