Multiple Choice
Solve the problem.
-Suppose you start saving today for a $20,000 down payment that you plan to make on a house in 10 years. Assume that you make no deposits into the account after your initial deposit. The account
Has quarterly compounding and an APR of 3%. How much would you need to deposit now to
Reach your $20,000 goal in 10 years?
A) $14,832.96
B) $15,490.39
C) $12,342.98
D) $9495.49
Correct Answer:
Verified
Correct Answer:
Verified
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