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How much would you have to invest today at 4.5% compounded annually to have $32,425 available for the purchase of a car at the end of five years from now? A) S20,267.26 B) $22,747.60 C) $24,147.25 D) $26,019.48 E) $28,080.12

Respuesta :

Answer:

D

Explanation:

The formula for calculating present value:

PV = FV(1 + r)^-n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

$32,425(1.045)^-5 = $26,019.48

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