1. You want to invest money for 3 years in an account that pays 7 percent interest annually. How much would you need to invest today to reach a future goal of $5,000? (Round your answer to the nearest cent.)
A. $4,650.00
C. $4,762.90
B. $6,125.22
D. $4,081.49
2. What is the present value of $2,200, discounted at 10 percent interest per period, for one period? (Round your answer to the nearest cent.)
A. $2,420.00
C. $1,818.18
B. $2,000.00
D. $1,980.00