Question
Upon graduation from college in two years you plan to go for an extravagant European vacation. Your parents will give you a graduation gift of
Upon graduation from college in two years you plan to go for an extravagant European vacation. Your parents will give you a graduation gift of $3,000 to help with the cost of the vacation. You have $2,000 available at present, which you plan to deposit into an account that pays 10 percent interest compounded quarterly. What is the maximum amount you will be able to spend on your vacation?
| A. | $6,109 | |
| B. | $5,661 | |
| C. | $5,885 | |
| D. | $6,004 | |
| E. | $5,553 | |
| F. | $5,777 | |
| G. | $5,437 | |
| H. | $6,230 |
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
