The Solution to This Problem Requires Time Value of Money

question 185

Multiple Choice

The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. Pablos wants to save some money so that he can make a down payment of $3,000 on a car when he graduates from college 4 years from now. If he opens a savings account and earns 3% on his money, compounded annually, how much will he have to invest now?

• A) $2,664
• B) $3,000
• C) $2,520
• D) $2,910

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