Betty and Bill just won $10,000 in the Pennsylvania state lottery.They decide to spend $3,000 now and put the remaining $7,000 in an investment earning 8 percent compounded annually.If they use the money in that investment for a vacation in five years,approximately how much will they have available to spend on that vacation?
A) $14,693
B) $10,342
C) $10,285
D) $9,800
Correct Answer:
Verified
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