How Much Would You Need to Deposit Now in a Savings

question 124

Multiple Choice

How much would you need to deposit now in a savings account that earns 5% interest,compounded annually,in order to withdraw $5,000 at the end of every year for ten years? (Future Value of $1,Present Value of $1,Future Value Annuity of $1,Present Value Annuity of $1. ) (Use appropriate factor from the PV tables.Round your final answer to the nearest dollar amount. )

• A)$38,609
• B)$47,500
• C)$47,619
• D)$50,000

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