Will fan & Medal.
Jeffrey is saving up for a down payment on a car. He plans to invest $2,000 at the end of every year for 4 years. If the interest rate on the account is 2.15% compounding annually, what is the present value of the investment?
A. $7,587.82
B. $5,033.72
C. $8,261.72
D. $15,252.94

Question

Will fan & Medal.
Jeffrey is saving up for a down payment on a car. He plans to invest $2,000 at the end of every year for 4 years. If the interest rate on the account is 2.15% compounding annually, what is the present value of the investment? 
A. $7,587.82
B. $5,033.72
C. $8,261.72
D. $15,252.94

leozap1 · Answer

This is what I got, but it's not an answer choice....
After 1 year he has $2,043.00. After 2 years he has $4,129.92. After 3 years he has $6,261.71. And after 4 years he has $8,439.34

rebecca · Answer

Got the formula on hand?

leozap1 · Answer

I used the formula, A = P(1 + r/n)^nt

wolf1728 · Answer

It seems there is a "trick" involved (I think).
He invests 2,000 at the END of the year so the interest would be zero and the year 1 one total is $2,000

leozap1 · Answer

So that would mean the answer would be $8,261.71? So I guess C, since it's only 1 cent off.

wolf1728 · Answer

Okay - and thanks for the medal.   (It WAS a trick question).