You Have Been Told That You Need $32,000 Today for Each

Multiple Choice

You have been told that you need $32,000 today for each $100,000 you want when you retire 28 years from now.What rate of interest was used in the present value computation? Assume interest is compounded annually.

A) 4.15 percent
B) 4.37 percent
C) 4.29 percent
D) 4.53 percent
E) 4.58 percent