A sum of money was invested for 10 years at 7% per annum and is original amount invested (to the nearest $)?now worth $2,000. What was the?
A、$1,026
B、$1,017
C、$3,937
D、$14,048
A、$1,026
B、$1,017
C、$3,937
D、$14,048
【参考答案及解析】
The discount factor for 10 years at 7% is 0.508.. Original amount invested = $2,000 x 0.508= $1,016But $1,016 x 1.0710 is just under $2,000 so $1,017 is the correct answer.
The discount factor for 10 years at 7% is 0.508.. Original amount invested = $2,000 x 0.508= $1,016But $1,016 x 1.0710 is just under $2,000 so $1,017 is the correct answer.