How much money should you deposit in your account now if you are looking to have $7000 after 5 years. The bank pays 7% interest rate per year? Select one: O a. P= $6990.90 O b. P= $9990.90 C. P= $4990.90 O d. P= $3374.48

How much money should you deposit in your account now if you are looking to have $7000 after 5 years. The bank pays 7% interest rate per year? Select one: O a. P= $6990.90 O b. P= $9990.90 C. P= $4990.90 O d. P= $3374.48

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 1MC

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Question

How much money should you deposit in your account now if you are looking to have $7000 after 5 years. The bank pays
7% interest rate per year?
Select one:
O a. P= $6990.90
O b. P= $9990.90
O c. P= $4990.90
O d. P= $3374.48

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