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The Ferrari FX super car is expected to be available by October 2017. The cost...

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Accounting

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The Ferrari FX super car is expected to be available by October 2017. The cost is $985,000, and a $100,000 deposit is required now to make a booking. Assume a buyer pays the $885,000 balance 3 years after making the $100,000 deposit. At an interest rate of 10% per year, what is the effective total cost of the super car in year 3? $985,000 $1,277,935 $1,177,935 $1,211,035 $1,018,100 $1,311,035

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