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How much more money must deposit today than sister

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Problem 1: Your older sister deposited $5,000 today at 8 percent interest per year 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 4 percent per year. 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. $801.80

B. $1038.40

C. $1,865.05

D. $2,223.81

E. $2,500.00

Reference no: EM132752903

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