Your older sister deposited $5,000 today at 8% interest for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6% interest. How much more money must you deposit today than your sister if you are to have the same amount at the end of five years?
A) $201.80
B) $367.32
C) $399.05
D) $423.81
E) $489.84

Question

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The Answer of Your older sister deposited $5,000 today at 8% interest for five years. You would like to have just as much money at the end of the next five years as your sister. However, you can only earn 6% interest. How much more money must you deposit today than your sister if you are to have the same amount at the end of five years?
A) $201.80
B) $367.32
C) $399.05
D) $423.81
E) $489.84

Your Older Sister Deposited $5,000 Today at 8% Interest for Five