Ten Years Ago, Jane Invested $1,000 and Locked in a 7

Multiple Choice

Ten years ago, Jane invested $1,000 and locked in a 7 percent annual interest rate for 30 years (end 20 years from now) . James can make a 20-year investment today and lock in a 6 percent interest rate. How much money should he invest now in order to have the same amount of money in 20 years as Jane?

A) $673.75
B) $1,206.59
C) $1,967.15
D) $2,373.54