Currently in August, 2017), Abby Wants to Have $20,000 Available

question 103

Multiple Choice

Currently in August, 2017) , Abby wants to have $20,000 available in August 2021 to make a college tuition payment. To be able to have this amount available, Abby will make equal annual deposits in an investment account earning 12% annually in August 2017,2018,2019,2020,and 2021. What is the annual amount to be deposited?

• A) $5,548
• B) $4,000
• C) $3,148
• D) $2,270

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