How much money do I need to place into a bank account which pays a 6% rate in order to have $500 at the end of seven years?
A)$332.53
B)$381.82
C)$423.77
D)$489.52

Name: How much money do I need to place into a bank account which pays a 6% rate in order to have $500 at the end of seven years? A)$332.53 B)$381.82 C)$423.77 D)$489.52
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Question

Quizplus · Accepted Answer

The correct answer is A because $332.53 invested at 6% for seven years will grow to $500.

How Much Money Do I Need to Place into a Bank