Multiple Choice
Juan and Rachel Burpo plan to buy a time-share in six years of $16,860. In order to have adequate funds to do so, the Burpo want to make a deposit to their money market fund today. Assume that they will be able to earn an investment rate of 5.75%, compounded annually. How much will Juan and Rachel need to deposit today to achieve their goal? (Round off to the nearest dollar.)
A) $11,138
B) $8,885
C) $12,055
D) $14,243
Correct Answer:
Verified
Correct Answer:
Verified
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