Multiple Choice
Theo needs $40,000 as a down payment for a house 6 years from now. He earns 3.5 percent on his savings. Theo can either deposit one lump sum today for this purpose or he can wait a year and deposit a lump sum. How much additional money must he deposit if he waits for one year rather than making the deposit today?
A) $878.98
B) $911.13
C) $1,138.90
D) $1,348.03
E) $1,420.18
Correct Answer:
Verified
Correct Answer:
Verified
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