What Single Amount Deposited Now into an Account Paying $5 \frac { 2 } { 3 } \%$

question 145

Multiple Choice

What single amount deposited now into an account paying $5 \frac { 2 } { 3 } \%$ annual interest, compounded quarterly, would fund an annuity paying $\$ 3,130$ quarterly for the next 28 years?

• A) \(\quad \$ 175,242.28\)
• B) \(\$ 175,204.05\)
• C) \(\quad \$ 175,359.25\)
• D) \(\$ 175,229.05\)

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