McGoff Company Deposits $20,000 in a Fund at the End

question 24

Multiple Choice

McGoff Company deposits $20,000 in a fund at the end of each year for five years.The fund pays interest of 4% compounded annually.The balance in the fund at the end of five years is computed by multiplying

• A)$20,000 by the future value of 1 factor.
• B)$100,000 by 1.04.
• C)$100,000 by 1.20.
• D)$20,000 by the future value of an annuity factor.

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