Your savings account pays 6% annually. Assuming this interest rate remains constant, how much do you need to deposit in your savings account today to accumulate $200 in 4 years? Round to the nearest cent. O A. $164.17 O B. $158.42 O C. $172.38

Your savings account pays 6% annually. Assuming this interest rate remains constant, how much do you need to deposit in your savings account today to accumulate $200 in 4 years? Round to the nearest cent. O A. $164.17 O B. $158.42 O C. $172.38

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

Your savings account pays 6% annually. Assuming this interest rate remains constant,
how much do you need to deposit in your savings account today to accumulate $200 in
4 years? Round to the nearest cent.
O A. $164.17
O B. $158.42
OC. $172.38
O D. $186.81

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