Question: Your aunt places $ 1 3 , 0 0 0 into an account earning an interest rate of 7 % per year. After five years

Your aunt places $13,000 into an account earning an interest rate of 7% per year. After five years the account will be valued at $18,233.17. Which of the following statements is correct?
Question 17 options:
a)
The present value is $13,000, the time period is 7 years, the present value is $18,233.17, and the interest rate is 5%.
b)
The future value is $13,000, the time period is 5 years, the principal is $18,233.17, and the interest rate is 7%.
c)
The principal is $13,000, the time period is 5 years, the future value is $18,233.17, and the interest rate is 7%.
d)
The principal is $13,000, the time period is 7 years, the future value is $18,233.17, and the interest rate is 5%.

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