Use the Following 8% Interest Factors for Questions -Henson Company Wishes to Accumulate $300,000 by May 1, 2015

question 50

Multiple Choice

Use the following 8% interest factors for questions . $\begin{array}{lll}&\text { Present Value of}&\text {Future Value of }\\&\text {Ordinary Annuity }&\text {Ordinary Annuity }\\\hline 7 \text { periods } & 5.2064 & 8.92280 \\8 \text { periods } & 5.7466 & 10.63663 \\9 \text { periods } & 6.2469 & 12.48756\end{array}$
-Henson Company wishes to accumulate $300,000 by May 1, 2015 by making 8 equal annual deposits beginning May 1, 2007 to a fund paying 8% interest compounded annually.What is the required amount of each deposit?

• A)$52,205
• B)$28,204
• C)$26,115
• D)$30,234

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