Use the Following 8% Interest Factors for Questions 102 Through

Multiple Choice

Use the following 8% interest factors for questions 102 through 105.
-Korman Company wishes to accumulate $500,000 by May 1, 2022 by making 8 equal annual deposits beginning May 1, 2014 to a fund paying 8% interest compounded annually. What is the required amount of each deposit?

A) $87,008
B) $47,008
C) $43,525
D) $50,390