Skyline Industries Will Need $1

Multiple Choice

Skyline Industries will need $1.8 million 5 years from now to replace some equipment.Currently,the firm has some extra cash and would like to establish a savings account for this purpose.The account pays 5.25 percent interest,compounded annually.How much money must the company deposit today to fully fund the equipment purchase?

A) $1,279,947.20
B) $1,298,407.21
C) $1,350,868.47
D) $1,393,676.52
E) $1,412,308.18