If $7,500 Is to Be Paid Now, What Amount Would

Multiple Choice

If $7,500 is to be paid now, what amount would be equivalent 8 months earlier given an interest rate of 3.88% per year?

A) $7,621.85
B) $7,310.89
C) $6,822.14
D) $6,219.65
E) $7,210.33