Ques. 25) On January 1, 2004, Carly Company decided to begin accumulating a fund

Question

Ques. 25) On January 1, 2004, Carly Company decided to begin accumulating a fund for asset replacement five years later. The company plans to make five annual deposits of $30,000 at 9% each January 1 beginning in 2004. What will be the balance in the fund, within $10, on January 1, 2009 ( one year after the last deposit)? The following 9% Interest factors may be used. Present Value of Ordinary Annuity Future Value of Ordinary Annuity 4 periods 3.2397 4.5731 5 periods 3.8897 5.9847 6 periods 4.4859 7.5233 a. $195,699 b. $179,541 c. $163,500 d. $150,000

Explanation / Answer

c. $163,500

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