Business, 11.03.2020 23:45 sandersmakaylaovq5vu

On March 15, Year 1, Kathleen Corp. adopted a plan to accumulate $1,000,000 by September 1, Year 5. Kathleen plans to make 4 equal annual deposits to a fund that will earn interest at 10% compounded annually. Kathleen made the first deposit on September 1, Year 1. Future value and future amount factors are as follows:

Future value of $1 at 10% for 4 periods

1.46

Future amount of ordinary annuity of $1

at 10% for 4 periods

4.64

Future amount of annuity in advance of $1

at 10% for 4 periods

5.11

Kathleen should make 4 annual deposits (rounded) of

A. $250,000

B. $195,700

C. $684,930

D. $215,500

Answers: 3

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On March 15, Year 1, Kathleen Corp. adopted a plan to accumulate $1,000,000 by September 1, Year 5....