Yasmin needs to make some house repairs in four years that will cost $9,000. She

Question

Yasmin needs to make some house repairs in four years that will cost $9,000. She has some money in an account earning 7% annual interest. How much money needs to be in the account today so she will have enough to pay for the repairs? $6,717 $6,866 $5,880 $6,950 $6,417 Unfortunately, Yasmin doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next four years to be able to pay for the repairs. Her account currently has $4,000, which, along with her additional contributions, is expected to continue earning 7% annual interest. If she makes equal contributions each year, how large must each contribution be for Yasmin to have $9,000 after four years? $1,085 $487 $1,203 $846 $417

Explanation / Answer

1) $6,866 2)$846

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