A furniture store has a sofa on sale for $399.00, with the payment due one year from today. The store is willing to discount the price at an annual rate of 5% if you pay today. What is the amount if you pay today?
A) $380
B) $399
C) $419
D) $394
Answer: A
Explanation: A) PV = = = $380.00
MODE = END
INPUT 1 5 ? 0 -399
KEY N I/Y PV PMT FV
CPT 380
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