Multiple Choice
The solution to this problem requires time value of money calculations.Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. Josh and Sara want to buy a house in 4 years.If the house will cost $180,000, how much must they deposit at the end of every year for the next 4 years at 5% compounded annually in order to buy the house?
A) $32,040
B) $36,990
C) $41,763
D) $45,000
Correct Answer:
Verified
Correct Answer:
Verified
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