Michael Peterson Needs $25,000 in Six Years to Invest in a Real

Multiple Choice

Michael Peterson needs $25,000 in six years to invest in a real estate venture. He can earn 6.35 percent annual interest with monthly compounding in a private investment. How much will he have to invest today to reach his goal? (Round to the nearest dollar.)

A) $18,527
B) $23,015
C) $17,097
D) $19,648