Multiple Choice
You plan to go to Asia to visit friends in three years.The trip is expected to cost a total of $10,000 at that time.Your parents have deposited $5,000 for you in a Certificate of Deposit paying 6% interest annually,maturing three years from now.Uncle Lee has agreed to pay for all remaining expenses.If you are going to put Uncle Lee's gift in an investment earning 10% over the next three years,how much must he deposit today,so you can visit your friends three years from today?
A) $3,757
B) $3,039
C) $5,801
D) $3,345
Correct Answer:
Verified
Correct Answer:
Verified
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