Cassandra Dawson Wants to Save for a Trip to Australia

question 22

Multiple Choice

Cassandra Dawson wants to save for a trip to Australia. She will need $12,000 at the end of four years. She can invest a certain amount at the beginning of each of the next four years in a bank account that will pay her 6.8 percent annually. How much will she have to invest each year to reach her target? (Round to the nearest dollar.)

• A) $3,000
• B) $2,980
• C) $2,538
• D) $2,711

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