Solve.You are a freshman in high school and plan to attend the local community college in four years. Your parents said they would pay for your college tuition, fees, and books for the first year. You estimate that $5,000 will be needed to cover these expenses. Your parents have done some research and decided on a four-year CD with an interest rate of 4.7% compounded monthly. How much will they have to invest now to have $5,000 in 48 months?
A. $4,343.64
B. $4,922.43
C. $4,144.60
D. $2,854.01
Answer: C
Mathematics
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