Computing the amount of deposit

Reference no: EM1370682

Carrie needs to accumulate $40,000 to make a down payment on a house at the end of four years. How much money should she deposit in a bank account today to accomplish this if the bank pays 6% interest compounded per year?

A. 33,425
B. 24,200
C. 27,892
D. 31,695

Reference no: EM1370682

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