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) No, Tekei will only receive $49,182.
C) No, Tekei will only receive $61,878.
D) Yes, Tekei will receive $67,028.