How Much Must You Deposit in a Bank Account Today

question 62

Multiple Choice

How much must you deposit in a bank account today to have $1,000 at the end of 5 years if the bank quotes a rate of 5%, compounded daily? Assume a 365-day year and round your answer
To the nearest dollar.

• A)$779
• B)$951
• C)$784
• D)$884

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