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.
Correct Answer:
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