McGoff Company Deposits $20000 in a Fund at the End

question 16

Multiple Choice

McGoff Company deposits $20000 in a fund at the end of each year for 5 years. The fund pays interest of 4% compounded annually. The balance in the fund at the end of 5 years is computed by multiplying

• A) $20000 by the future value of 1 factor.
• B) $100000 by 1.04.
• C) $100000 by 1.20.
• D) $20000 by the future value of an annuity factor.

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