On January 1, 2012, Kline Company Decided to Begin Accumulating

Multiple Choice

On January 1, 2012, Kline Company decided to begin accumulating a fund for asset replacement five years later.The company plans to make five annual deposits of $50,000 at 9% each January 1 beginning in 2012.What will be the balance in the fund, within $10, on January 1, 2017 (one year after the last deposit) ? The following 9% interest factors may be used.

A) $326,166
B) $299,235
C) $272,500
D) $250,000