Multiple Choice
Jay has made a deal with his daughter to start a car fund for when she graduates college in 6 years. He has found an investment that will yield an interest rate of 8% per year. If he wants to have $25,000 to spend on the car for his daughter, how much must he initially invest?
A) $15,754.28
B) $16,113.45
C) $13,772.55
D) $14,038.95
Correct Answer:
Verified
Correct Answer:
Verified
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