Answer :
Answer:
The answer is C. $16,780
Step-by-step explanation:
[tex]PV = 25,000(1+\frac{0.08}{12} )x^{-12(5)} = 16,780[/tex]
The amount of money that Jill should invest today given the monthly compounding is $16,780.
What should be invested today?
The formula that should be used to determine the amount that should be invested today is:
Present value = future value / (1 + r)^nm
Where:
- r = interest rate = 8/12 = 0.67%
- n = number of years
- m = number of compounding = 12
25,000 / (1.0067^(12 x 5)) = $16,780
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