Cline Corporation Deposits $75,000 Every Quarter in a Savings Account

question 23

Multiple Choice

Cline Corporation deposits $75,000 every quarter in a savings account (beginning at the end of the current quarter) for the next five years so that it can purchase a new piece of machinery at the end of five years. The interest rate is 12%. How much money will Cline Corporation have at the end of five years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)

• A) $5,403,933
• B) $2,015,278
• C) $2,075,736
• D) $1,316,155

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