Cline Corporation deposits $75,000 every quarter in a savings account (beginning at the end of the current quarter) for the next five years so that it can purchase a new piece of machinery at the end of five years. The interest rate is 12%. How much money will Cline Corporation have at the end of five years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
A) $5,403,933
B) $2,015,278
C) $2,075,736
D) $1,316,155

Question

Quizplus · Accepted Answer

The Answer of Cline Corporation deposits $75,000 every quarter in a savings account (beginning at the end of the current quarter) for the next five years so that it can purchase a new piece of machinery at the end of five years. The interest rate is 12%. How much money will Cline Corporation have at the end of five years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
A) $5,403,933
B) $2,015,278
C) $2,075,736
D) $1,316,155

Cline Corporation Deposits $75,000 Every Quarter in a Savings Account