Homework Answers
Value of her deposit 5 years later = PV x (1 + r)^n = 5,000 x (1 + 7%)^5 = $7,012.76
You need to deposit an amount = FV / (1 + r)^n = 7,012.76 / (1 + 8.75%)^5 = $4,610.44
Hence, you need to deposit 4,610.44 - 5,000 = -389.56 amount less than your sister.
Hence, a is correct.
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