Aucutt Incorporated Deposits $200,000 Every January 1st and July 1st

Multiple Choice

Aucutt Incorporated deposits $200,000 every January 1st and July 1st in a savings account 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 Aucutt Incorporated 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) $2,794,329
B) $2,636,159
C) $1,423,038
D) $1,270,569