You have just invested $3,000 into an account that will earn a 9% annual interest rate. You want to have $8,000 in the account at the end of 5 years. In order to have $8,000 at the end of year 5, how much must you deposit at the end of the 3rd year?

a). $2,848

b). $2,613

c). $2,397

d). $3,384

Answer rating: 100% (QA)

Present value of 8000 at the end of 3rd year 8000 pr... View the full answer