Currently in August, 2017), Abby Wants to Have $20,000 Available

Multiple Choice

Currently in August, 2017) , Abby wants to have $20,000 available in August 2021 to make a college tuition payment. To be able to have this amount available, Abby will make equal annual deposits in an investment account earning 12% annually in August 2017,2018,2019,2020,and 2021. What is the annual amount to be deposited?

A) $5,548
B) $4,000
C) $3,148
D) $2,270