Question: Choose the correct answer: Lisa invests $X at time 7 years in order to receive $500 at the end of each year for 15 years

Choose the correct answer:

Lisa invests $X at time 7 years in order to receive $500 at the end of each year for 15 years starting at the end of the 10th year. Using an annual effective rate of interest of 4%, find X.

A. 5145.85

B. 5120.35

C. 5156.32

D. 5139.79

E. 5112.21

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