CHRIS LITTLE OWES HIS FRIEND SOME MONEY. HIS FRIEND GIVES HIM 5 OP...

10. Chris Little owes his friend some money. His friend gives him 5 options of payment. If the rate of interest is 8%, which option should Chris choose? I. Pay $2,100 today II. Pay $500 per year, at the end of every year for 5 years III. Pay $450 per year, at the beginning of each year for 6 years, IV. Pay $500 at the end of year 1, $400 at the end of year 2, $300 at the end of year