Suppose you borrow money from your parents for college tuition on January 1, 2013. Your parents require four annual payments of $1,000 each, with the first payment due on January 1, 2017. They are charging you 6% annual interest. What is the cost of the college tuition?

A. $2,909.37
B. $1,593.85
C. $4,000.00
D. $2,744.69


Answer: A

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A.
B.
C.
D.

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A.
B. - 
C. - 
D.

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What will be an ideal response?