On January 1, 2018, Kline Company Decided to Begin Accumulating

Multiple Choice

On January 1, 2018, Kline Company decided to begin accumulating a fund for asset replacement five years later. The company plans to make five annual deposits of £80,000 at 9% each January 1 beginning in 2018. What will be the balance in the fund, within $10, on January 1, 2023 (one year after the last deposit) ? The following 9% interest factors may be used.

A) £521,866
B) £478,776
C) £436,000
D) £400,000