On January 15, Year 5, Carr Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, Year 9, at an estimated cost of $2 million. Carr plans to make 4 equal annual deposits in a fund that will earn interest at 10% compounded annually. The first deposit was made on July 1, Year 5. Future value factors are as follows:Future value of 1 at 10% for 5 periods - 1.61
Future value of ordinary annuity of 1 at 10% for 4 periods - 4.64
Future value of annuity in advance of 1 at 10% for 4 periods - 5.11
Carr should make 4 annual deposits (rounded) of .a. $320,000
b. $431,000
c. $391,400
d. $500,000
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