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Your Big Brother Deposited $10,000 Today at 9% Interest for 6

Question 223

Multiple Choice

Your big brother deposited $10,000 today at 9% interest for 6 years. You would like to have just as much money at the end of the next 6 years as your brother. However, you can only earn 7.5% interest. How much more money must you deposit today than your brother did if you are to have the same amount at the end of the 6 years?


A) $398.68
B) $487.63
C) $575.00
D) $648.21
E) $866.96

Correct Answer:

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