Multiple Choice
You plan to place a $40,000 down payment on a lake cabin in Northern Minnesota in five years.If you invest in a long-term CD earning an annual rate of 5.50%,how much would you need to invest today to have enough for the down payment in five years?
A) $33,326
B) $30,605
C) $24,379
D) $18,264
Correct Answer:
Verified
Correct Answer:
Verified
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