Your Goal Is to Have $50,000 in Cash to Build

Multiple Choice

Your goal is to have $50,000 in cash to build a new home twelve years from now. Your plan is to make one deposit today to fund this goal. How much more will you have to deposit today to fund this goal if you can only earn 4% on your savings rather than 5%?

A) $3,104.11
B) $3,188.87
C) $3,218.07
D) $3,273.16
E) $3,387.98