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
A
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