You Want to Have $30,000 Saved 5 Years from Now

Multiple Choice

You want to have $30,000 saved 5 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 3.5 percent rather than 2.5 percent on your savings? Today's deposit is the only deposit you will make to this savings account.

A) $1,256.43
B) $891.18
C) $1,124.60
D) $945.11
E) $1,219.02