Your older sister deposited $5,000 today at 8.5 percent interest for

$5.00

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38. Your older sister deposited $5,000 today at 8.5 percent interest for 5 years. You would like to have just as much money at the end of the next 5 years as your sister will have. However, you can only earn 7 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 5 years?

A. $321.19

B. $360.43

C. $387.78

D. $401.21

E. $413.39

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