Susan Is Planning to Accumulate $40,000 by the End of 5

Multiple Choice

Susan is planning to accumulate $40,000 by the end of 5 years by making 5 equal annual deposits. If she plans to make her first deposit today and can earn an annual compound rate of 9 percent on her investment, how much must each deposit be in order to accumulate the $40,000?

A) $9,434
B) $23,844
C) $6,683
D) $6,132