Your Grandmother Places $13,000 into an Account Earning an Interest

Multiple Choice

Your grandmother places $13,000 into an account earning an interest rate of 7% per year.After 5 years the account will be valued at $18,233.17.Which of the following statements is CORRECT?

A) The present value is $13,000,the time period is 7 years,the present value is $18,233.17,and the interest rate is 5%.
B) The future value is $13,000,the time period is 5 years,the principal is $18,233.17,and the interest rate is 7%.
C) The principal is $13,000,the time period is 5 years,the future value is $18,233.17,and the interest rate is 7%.
D) The principal is $13,000,the time period is 7 years,the future value is $18,233.17,and the interest rate is 5%.