Use the Following 8% Interest Factors for Questions -If $5,000 Is Deposited Annually Starting on January 1, 2007

Multiple Choice

Use the following 8% interest factors for questions . $\begin{array}{lll}&\text { Present Value of}&\text {Future Value of }\\&\text {Ordinary Annuity }&\text {Ordinary Annuity }\\\hline 7 \text { periods } & 5.2064 & 8.92280 \\8 \text { periods } & 5.7466 & 10.63663 \\9 \text { periods } & 6.2469 & 12.48756\end{array}$
-If $5,000 is deposited annually starting on January 1, 2007 and it earns 8%, what will the balance be on December 31, 2014?

A) $44,614
B) $48,183
C) $53,183
D) $57,438