Question
Antonette needs $20,000 as a down payment for a house five years from now. She earns 4 percent on her savings. Antonette can either deposit
Antonette needs $20,000 as a down payment for a house five years from now. She earns 4 percent on her savings. Antonette can either deposit one lump sum today for this purpose or she can wait a year and deposit a lump sum. How much additional money must Antonette deposit if she waits for one year rather than making the deposit today?
A. $639.19
B. $657.54
C. $658.23
D. $659.04
E. $800.00
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
