Cathy opened a savings account this morning. Her money will earn 5 percent interest, compounded annually. After five years, her savings account will be worth $5,600. Assume she will not make any withdrawals. Given this, which one of the following statements is true?
A.
Cathy deposited more than $5,600 this morning
B.
The present value of Cathy’s account is $5,600
C.
Cathy would have had to deposit more money to have $5,600 in five years if she could have earned 6% interest
D.
Cathy could have deposited less money and still had $5,600 in five years if she could have earned 5.5% interest