Multiple Choice
Your rich uncle Earl tells you that he will give you $500 in two years.You could borrow the present value of this $500 and when your uncle sends you the gift have just enough to pay off the loan.About how much can you borrow if the interest rate is 11 percent?
A) $396.05
B) $402.13
C) $405.81
D) $409.84
Correct Answer:
Verified
Correct Answer:
Verified
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