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How much must deposit today in order to same amount

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Question 1: Your sister just deposited $14,500 into an investment account. She believes that she will earn an annual return of 10.6 percent for the next 8 years. You believe that you will only be able to earn an annual return of 10 percent over the same period. How much more must you deposit today in order to have the same amount as your sister in 8 years?

Option 1: $644.94

Option 2: $687.94

Option 3: $731.87

Option 4: $601.94

Option 5: $2,159.43

Reference no: EM132469400

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