Multiple Choice
Jim Mayer has deposited $7,000 in a guaranteed investment account with a promised rate of 7% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?
A) $8,960.00
B) $1,960.00
C) $2,175.57
D) $9,175.57
Correct Answer:
Verified
Correct Answer:
Verified
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