Lucas Sugar Wants to Accumulate Funds to Open His Own

Multiple Choice

Lucas Sugar wants to accumulate funds to open his own restaurant after he graduates from culinary school and gains experience working in local restaurants.Lucas deposited $20,000 into a fund on January 2 of the current year.Lucas will be able to deposit $10,000 at the end of each of the next 5 years.If the fund pays 4% interest compounded annually, how much will Lucas have in his restaurant fund at the end of the 5th year? Use appendix Table 1, Table 2, Table 3 and Table 4.

A) $64,160.
B) $78,500.
C) $29,830.
D) $70,000.
E) $85,170.