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Mei Tekei just celebrated her 22nd birthday. When she is 27, she will receive a $100,000 inheritance. Tekei needs funds for the down payment on a co-op in Manhattan and has found a bank that will give her the present value of her inheritance amount, assuming an 8.0% stated annual interest rate with continuous compounding. Will the proceeds from the bank be sufficient to cover her down payment of $65,000? A. Yes, Tekei will receive $68,058. B. Yes, Tekei will receive $67,028. C. No, Tekei will only receive $61,878. |