Assume That You Will Require $1000 in Four Years' Time

Multiple Choice

Assume that you will require $1000 in four years' time.Suppose that you can afford to deposit only $186.29 at the end of each year,the first deposit to be made in one year's time.What interest rate would you require to reach your target if the bank compounds annually?

A) 15% p.a.
B) 18.5% p.a.
C) 20% p.a.
D) 22.5% p.a.