Issues in Economics Today 7th Edition by Robert Guell

تمرين 4

Suppose your grandmother told you (today) that she had set aside an amount of money in a savings account bearing 3 percent interest that was sufficient to give you a $5,000 graduation present in exactly four years. How much would she have had to set aside?
A) $5,000
B) $5,000 × (1.03) 4
C) $5,000/(1.03) 4
D) $5,000/(1 + 0.034)