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What option should he choose to have the most money

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Reference no: EM132865740

Problem - Comparison of Alternatives - Brian Imhoff's grandparents want to give him some money when he graduates from high school. They have offered Brian three choices as follows:

a. Receive $15,000 immediately. Assume that interest is compounded annually.

b. Receive $2,250 at the end of each six months for four years. Brian will receive the first check in six months.

c. Receive $4,350 at the end of each year for four years. Assume that interest is compounded annually.

Required - Brian wants to have money for a new car when he graduates from college in four years. Assuming an interest rate of 8%, what option should he choose to have the most money in four years?

Reference no: EM132865740

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