Question

To have $25,000 to spend on a new car in five years, how much money should Jill invest today at 8% compounded monthly?

Answer 1

Answer:

 The answer is C. $16,780

Step-by-step explanation:

$PV = 25,000(1+\frac{0.08}{12} )x^{-12(5)} = 16,780$

Answer 2

The answer is B
Because if you use your calculation right you would end up with 16,463