On January 1, 2007, Carly Company Decided to Begin Accumulating

question 21

Multiple Choice

On January 1, 2007, Carly Company decided to begin accumulating a fund for asset replacement five years later.The company plans to make five annual deposits of $50,000 at 9% each January 1 beginning in 2007.What will be the balance in the fund, within $10, on January 1, 2012 (one year after the last deposit) ? The following 9% interest factors may be used. $\begin{array}{lll}&\text { Present Value of}&\text {Future Value of }\\&\text {Ordinary Annuity }&\text {Ordinary Annuity }\\\hline 4 \text { periods } & 3.2397 & 4.5731 \\5 \text { periods } & 3.8897 & 5.9847 \\6 \text { periods } & 4.4859 & 7.5233\end{array}$

• A)$326,166
• B)$299,235
• C)$272,500
• D)$250,000

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